General Mills recently outlined a sweeping “transformation” effort that will likely result in job cuts at the Minnesota-based food products giant.
A "Global Transformation Initiative”
The maker of Cheerios cereal, Green Giant vegetables, and Häagen-Dazs ice cream, among many other brands, disclosed a “multi-year global transformation initiative” in a filing with federal regulators, the Minnesota Star Tribune reported.
The move would result in charges of about $130 million through 2028, including a $70 million charge in the company’s fiscal fourth quarter that would be primarily for severance-related costs.
Hundreds of Jobs Already Cut
The number of potential job cuts was not disclosed, although the Star Tribune added that General Mills later announced 700 to 800 reductions in its North American workforce and up to 600 more in international markets.
"Hard Choices”
The company, Reuters noted, recently curbed its profit and revenue forecasts amid an uncertain demand environment and competition from private-label brands in the snack and pet food segments.
A General Mills spokesperson told Reuters that the initiative followed “hard choices” made by the company that were “necessary to fund product innovation … and position General Mills for long-term success.”
Image credit: Jason Sinn Photography/Shutterstock
