Old El Paso and Nature Valley owner General Mills has disclosed plans to “restructure” its business.
In a stock-exchange filing, the US food giant said the moves are “designed to better align its organisational structure and resources with its strategic initiatives”.
US newspaper The Star Tribune, based in General Mills’ home state of Minnesota, published a story on Friday afternoon (4 June) local time that set out details of the impact on jobs.
The publication reported between 700 and 800 jobs in North America, plus another 500 to 600 overseas, could be affected.
A spokesperson for General Mills told Just Food: “As we shared in our 8-K filing, we are making organisational changes to ensure General Mills continues its momentum. We are investing in key areas such as digital, data and technology, e-commerce and others that are critical to our future success.” The spokesperson declined to comment on the number of jobs that could be hit.
General Mills’ most recent annual report covers its financial year to the end of May 2020. As of 31 May of that year, the company had approximately 35,000 full- and part-time employees.
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On 30 June, the company is set to report the financial results for the fiscal year just ended.
In the nine months to 28 February, General Mills’ net sales rose 8% to US$13.6bn. Operating profit grew 22% to $2.6bn. Net earnings attributable to General Mills were $1.92bn.
Last month, General Mills acquired Tyson Foods’ pet-snacks business for $1.2bn.