General Mills Inc. is bidding adieu to its North American yogurt business.

On Thursday, the Golden Valley-based food giant announced that it will sell its North American yogurt business, including the Yoplait brand, to a pair of French dairy companies for $2.1 billion. The buyers are Lactalis and Sodiaal.

If Thursday’s news sounds familiar, that’s probably because General Mills has already done some yogurt-related dealings with Sodiaal in recent history. Back in 2021, General Mills sold its 51% controlling stake in its European Yoplait business to Sodiaal for an undisclosed sum.

Now, Sodiaal is slated to take over General Mills’ Canadian yogurt business, while Lactalis will take over the Minnesota company’s yogurt business in the U.S.

In a news release, General Mills chairman and CEO Jeff Harmening said the move is part of an effort to sharpen focus “on our global platforms and local gem brands that have stronger growth prospects and more attractive margins.”

Indeed, the company’s yogurt sales have been declining in recent years, dropping from $2.1 billion in General Mills’ 2020 fiscal year to $1.5 billion in FY ‘24.

“Upon completion of these divestitures, we will have turned over nearly 30 percent of our net sales base since fiscal 2018,” Harmening said.

Thursday’s announcement confirms an earlier report by Bloomberg.

Citing analysts, MarketWatch reported Thursday that General Mills’ yogurt business was once “the pride of the portfolio 20 years ago, enjoying rapid growth and high margins that were second only to the cereals business.” Yet the company failed to stay ahead of the curve in the industry on the years ahead, “mis-executing around some key innovations pioneered by others in the space, most notably probiotics,” MarketWatch reported.