General Mills Plan To Cut Up To 725 Jobs As Part Of a Restructuring

By Tomi KilgoreMarketWatch Pulse

General Mills Inc. said in a regulatory filing Thursday, that it expects to eliminate 675 to 725 jobs, as part of a restructuring of the consumer foods company's international operations. As a result, the company said it will record a restructuring charge of $57 million to $62 million, the bulk of which will be recorded in the fiscal first quarter of 2016 (ending this August). The charge will primarily reflect one-time employee termination benefits. General Mills has about 43,000 employees worldwide, according to FactSet. The company expects to complete the restructuring, which is anticipated to reduce annual costs by $45 million to $50 million, by early fiscal 2017. The stock, which was still inactive in premarket trade, has gained 6% year to date, while the S&P 500 has tacked on 2.4%.

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