The plan includes organisational changes that strengthen business alignment, and actions to accelerate administrative efficiencies across the company.
In connection with this initiative, the company expects to eliminate approximately 850 positions globally. Plans also include asset-related costs of approximately $13m pre-tax associated with the write-down of selected production equipment.
Approximately $94m of these restructuring costs will be recorded in the fourth quarter of fiscal 2012, which ends on 27 May. The remaining costs will be recorded in fiscal 2013.
Savings from these restructuring actions will be reinvested to support the company’s future growth strategies and to accelerate innovation across General Mills global business platforms.
General Mills continues to target fiscal 2012 adjusted diluted earnings per share of $2.53-$2.55 per share.
Source: General Mills
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