General Mills is launching a multi-year global restructuring effort expected to cost $130 million by 2028, with the bulk of the financial impact hitting this quarter.
The food manufacturing company, known for brands such as Cheerios and Betty Crocker, disclosed the move in a recent filing with the US Securities and Exchange Commission. About $70 million in costs are anticipated for the current quarter, primarily tied to severance payouts, indicating potential job reductions across parts of its global operations.
This initiative follows weaker quarterly results, with net sales declining 5% year-over-year to $4.8 billion and operating profit decreasing 2% to $891 million. The company has not specified the number or location of expected job cuts.
General Mills remains one of Minnesota’s major employers, with an estimated workforce of 3,500 in the state.