General Mills Inc. said between 400 and 600 jobs would be eliminated in a restructuring as the struggling food giant works to adapt to changing food trends and prepare for an eventual new leader.
The round of job cuts is just the latest from General Mills, which has had to close factories and outlined plans to cut about 5,000 jobs—more than a tenth of its workforce—since September 2014.
General Mills said it is bringing in “external expertise” in the areas of strategic revenue management, e-commerce and marketing. It also said it is looking for a new chief marketing officer.
The company recently announced that Chief Operating Officer Jeff Harmening, who the Wall Street Journal reported in August is being groomed for the eventual chief executive role, was taking over the COO role for the entire company. Four business groups will report directly to Mr. Harmening.
In its latest quarter, General Mills said in September that sales fell 7% as its yogurt business plunged in the U.S., as shoppers traded Yoplait for Greek-style brands.
Shares of General Mills were flat in morning trading.
By Austen Hufford
Source: Wall Street Journal
McCain Foods has completed the acquisition of Irish plant-based frozen food manufacturer Strong Roots. The acquisition follows McCain and Strong Roots’ strategic partnership, which began in 2021 and resulted from a $55 million investment.
Cargill partners with Voyage Foods to scale up alternatives to cocoa-based products to meet consumers’ indulgence needs. The commercial partnership will also provide food manufacturers with nut spreads produced with no nut or dairy allergens used in the recipe formulation.
L’Occitane International owner Reinold Geiger is reportedly close to taking the company private in a deal with Blackstone. The French skin care company’s filing halted trading of its Hong Kong-listed shares this week. This is the second time in months that the Australian billionaire has attempted a buyout.
