General Mills to eliminate about 850 jobs

Tuesday, May 22, 2012
General Mills

General Mills says it's cutting about 850 jobs as part of a plan to lower costs and boost efficiency.

The Minneapolis-based maker of Cheerios cereal, Natural Valley granola bars and Hamburger Helper says the moves will make it more effective and allow it to focus on key growth strategies.

General Mills expects the plan to result in total pretax charges of about $109 million, which will cover costs related to workers whose jobs are terminated and equipment.

The company says about $94 million of those charges will come in the fiscal fourth quarter, which ends on Sunday. The rest will be recorded in fiscal 2013.

The company says it still expects to post an adjusted fiscal 2012 profit of $2.53 to $2.55 per share. Analysts expect a profit of $2.54 per share.

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