General Mills' Cost-cutting Plan, Including 800 Jobs Cuts, Is Complete

A spokesperson for General Mills told MarketWatch that actions related its Project Catalyst cost-cutting plan, which includes the elimination of approximately 800 jobs, are complete. The cereal and branded food company had previously said it expected to complete the job cuts, primarily in the U.S., by the end of its fiscal year in May. General Mills expects to take a $146 million charge, of which $127 million will be in cash, related to these actions. Earlier, the company reported fiscal third-quarter profit and sales that beat expectations. The stock, which was up 0.7% in premarket trade, has lost 2.4% year to date through Tuesday, while the S&P 500 has gained 0.8%.