General Mills will spin off its fashion business.
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In announcing steps to complete divestment of the business, the company said that Monet Jewelers and the Izod, Lacoste and Ship ‘n Shore apparel operations will be spun off into a free-standing company and that Foot-Joy will be sold to American Brands for $53 million cash. The new company is expected to be listed on the New York Stock Exchange and will be headed by Richard F. Kral. Its assets will be about $250 million, with current annual sales exceeding $475 million.
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