Layoffs likely as General Mills announces $130M 'transformation'
The Golden Valley-based food giant, which counts Cheerios, Pillsbury and Betty Crocker among its best-known brand names, submitted a filing to the SEC this week in which it revealed it had approved a "multi-year global transformation initiative."
The actions are expected to cost the company $130 million by 2028, but $70 million of that will be incurred in its current quarter, and will "primarily" comprise severance payments.
The company recently reported quarterly net sales of $4.8 billion, down 5% on a year ago, with an operating profit of $891 million, down 2%.
There are no specific figures for potential layoffs or where they will occur. General Mills is the 37th biggest employer in Minnesota with an estimated 3,500 workers, according to state figures.
Bring Me The News has reached out to General Mills for further comment.
The company wouldn't be drawn on layoff numbers when asked by the Star Tribune, saying its main priority was "returning to growth," while acknowledging "this news represents hard choices."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
US to explore cooperation with Pakistan on critical minerals, hydrocarbons
By Kanishka Singh WASHINGTON (Reuters) -Secretary of State Marco Rubio said Washington looked forward to exploring cooperation with Pakistan on critical minerals and hydrocarbons, with his comments coming in a statement issued by the State Department on Pakistan's Independence Day. WHY IT'S IMPORTANT Washington and Islamabad hailed a trade deal last month, which Pakistan said would result in lower tariffs and increased investment. Pakistan's Commerce Minister Jam Kamal has said Islamabad will offer U.S. businesses opportunities to invest in mining projects primarily in the southwestern Balochistan province through joint ventures with local companies, providing concessions such as lease grants. The province is home to key mining projects, including Reko Diq, run by mining firm Barrick Gold and believed to be one of the world's largest gold and copper mines. KEY QUOTES "We look forward to exploring new areas of economic cooperation, including critical minerals and hydrocarbons, and fostering dynamic business partnerships," Rubio said late on Wednesday. "The United States deeply appreciates Pakistan's engagement on counterterrorism and trade." CONTEXT Before President Donald Trump's administration, Islamabad's relationship with Washington had cooled in recent years, as the U.S. drew closer to Pakistan's traditional adversary India to counter China's rise, among other factors. Washington also resented Islamabad over Afghanistan, especially under former President Joe Biden's administration, which oversaw a chaotic withdrawal from Afghanistan and the takeover of the country by the Taliban insurgency that Washington accused Islamabad of backing. Pakistan denied the charge. In recent months, Washington's ties with Islamabad have improved. Trump took credit for a ceasefire between India and Pakistan after the Asian neighbors engaged in hostilities in May following an April attack in India-administered Kashmir. Pakistan praised Trump while India maintained that New Delhi and Islamabad should resolve their issues directly without outside involvement. COUNTERTERRORISM TALKS The U.S. and Pakistan held the latest round of counterterrorism talks in Islamabad on Tuesday. Washington has designated separatist militant group Balochistan Liberation Army as a "foreign terrorist organization." "The US-Pakistan counterterrorism dialogue joint statement is one of the most positive and effusive I've seen from these two countries on CT for quite a few years," Michael Kugelman, a Washington-based South Asia analyst and writer for Foreign Policy magazine, said.
Chicago Tribune
2 hours ago
- Chicago Tribune
NBA approves sale of Boston Celtics for a record $6.1 billion
BOSTON — The NBA on Wednesday unanimously approved the sale of the Boston Celtics to a group led by private equity mogul Bill Chisholm, a deal that values the franchise at more than $6.1 billion — the largest ever for an American professional sports team. The league said the transaction is expected to close shortly. When it does, Chisholm will take ownership of at least 51% of the team, with full control coming by 2028 at a price that could bring the total value to $7.3 billion. The previous record for a U.S. sports franchise was the $6.05 billion paid for the NFL's Washington Commanders in 2023. The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023. A Massachusetts native and graduate of Dartmouth College and Penn's Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr. Wyc Grousbeck led the ownership group that bought the team in 2002 for $360 million and presided over NBA championships in 2008 and '24. The franchise's 18 NBA titles is a record. Chisholm outbid at least two other groups, one led by previous Celtics minority partner Steve Pagliuca. Pagliuca has since announced plans to but the WNBA's Connecticut Sun for $325 million and move them to Boston, but the women's league has balked at the deal.
Epoch Times
3 hours ago
- Epoch Times
China Hits EU Banks Over Bloc's Russian Sanctions Package
Beijing targeted two Lithuanian banks on Wednesday in retaliation for the European Union's latest Russian sanctions that affected two rural Chinese banks near the China-Russia border. In an order published in state media Xinhua, the Chinese Ministry of Commerce (MOC) said it's adding Lithuania-based UAB Urbo Bankas and AB Mano Bankas to its list of sanctioned entities under the regime's Anti-Foreign Sanctions Law.
