General Mills expects to cut 700-800 jobs in North America and 500-600 outside of North America, posts Q4 results ‘slightly ahead of our expectations’

The Minneapolis-based firm, which confirmed to FoodNavigator-USA this morning that “We expect to eliminate 700 to 800 positions across North America and 500 to 600 outside of North America,” ​said in its 8k filing with the SEC​ that it expected to incur restructuring charges of approximately $170m-$220m.

The company – which laid off a large tranche of workers about five years ago – said the latest cuts were part of a restructuring exercise under its Accelerate strategy: “These charges are expected to consist primarily of severance and other benefits costs and other charges, including consulting and professional fees, contract termination costs, and fixed asset write-offs.

“We recognized $149 million of severance and other benefits costs and $8 million of other costs in fiscal 2021 related to these actions. We expect these actions to be completed by the end of fiscal 2023.”

According to social media posts and anonymous posts on thelayoff.com​, in some cases staff will be laid off almost immediately while others have been given an extended period of time to stay before severance goes into effect.

‘The highest level of input cost inflation that we’ve seen in 10 years’

CEO Jeff Harmening did not refer to the layoffs in his prepared remarks, but said the company was “making meaningful changes to simplify and streamline parts of our structure to bring our functions and capabilities closer to the business.

“At the same time,” ​said Harmening, who said fiscal year 2022 was “expected to bring the highest level of input cost inflation that we’ve seen in 10 years,​” the company is “establishing a new Strategy & Growth organization focused on advancing our Accelerate strategy, with responsibility for areas including M&A, strategy, consumer insights, brand experience, strategic revenue management and our 301 Inc. minority investment arm.



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