General Mills slashing up to 725 jobs

Jun. 25, 2015 – The Associated Press is reporting that General Mills, a multinational manufacturer and marketer of branded consumer foods, is planning to cut between 675 to 725 jobs.

Known for its Cheerios, Yoplait and Betty Crocker brand, the manufacturer said it will record pre-tax costs of about $57 million to $62 million, mostly for employee termination benefits, according to the Associated Press.

Along with other packaged food makers like Kellogg and Campbell Soup, General Mills has slashed costs to offset slowing sales growth. Net sales rose barely 1 per cent last year and the Minneapolis company expects core sales to grow at a “low single-digit rate” this year. It said its current restructuring should be complete by early fiscal 2017, generating annual savings of about $45 to $50 million.

Earlier this week, General Mills announced it is committing to remove artificial flavours and colours from all its cereals. The change affects roughly 40 per cent of its cereals over the next two to three years.

— With files from The Associated Press