General Mills will cut between 675 and 725 jobs in a move the US group claims can position its international business for long-term growth.

The company said to enable its international segment to "accelerate long-term growth through increased organisational effectiveness and reduced administrative expense", it had approved a restructuring plan called Project Compass.

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The plan is expected to generate savings of US$45-50m a year with as much as $30m realised this fiscal year.

Severance payments and other related costs will add up to $57m-62m with most of the expenses coming this quarter.

Restructuring actions are expected to be complete by early fiscal 2017.

Earlier this year, General Mills said it was closing a US and a Canada site which would result in 500 job losses. Last September it announced 570 job cuts in the US.

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