General Mills unveils restructuring plans
MINNEAPOLIS — In an effort to focus on its key growth strategies, General Mills has announced a productivity and cost savings plan that will include a reduction in its workforce.
The company said it will eliminate approximately 850 positions globally, as well as asset-related costs of approximately $13 million pre-tax associated with the write-down of selected production equipment. The total restructuring charges will be approximately $109 million pre-tax. Approximately $94 million of these restructuring costs will be recorded in the fourth quarter of fiscal 2012, which ends on May 27, while the remaining costs will be recorded in fiscal 2013.
General Mills said it expects its adjusted diluted earnings per share for fiscal 2012 to be a range from $2.53 to $2.55.