General Mills plans to eliminate approximately 700 to 800 jobs, mostly in the U.S.
October 1, 2014 by The Associated Press
General Mills plans to cut 700 to 800 jobs, the second time it’s trimmed its workforce this month, as the food company wrestles with a shift by U.S. consumers away from boxed or frozen meals.
The Minneapolis company expects about US$135 million to $160 million in restructuring charges. It foresees annual cost savings of approximately $125 million to $150 million, starting in fiscal 2016.
General Mills Inc. anticipates the current restructuring to be completed by fiscal 2015’s end.
The company has said it’s begun a formal review of its North American manufacturing and distribution network, along with a pair of announcements in recent months about cost-cutting initiatives.