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Starbucks (NASDAQ: SBUX) and General Mills (NYSE: GIS) made news on that score recently, as both of the food and beverage companies announced strategic divestitures designed to let them concentrate more on their best prospects for long-term growth. Starbucks announced late Tuesday that it had entered into an agreement to sell its Evolution Fresh brand to privately held Bolthouse Farms.
Starbucks will continue to sell Evolution Fresh products at its stores in the United States, the company said, adding that the transaction was expected to close later this year. Starbucks had acquired Evolution Fresh in 2011 for $30 million in cash.