May 22, 2012 / 1:39 PM / 5 years ago

General Mills to cut about 850 jobs globally

1 Min Read

(Reuters) - General Mills Inc (GIS.N) said it will cut some 850 jobs worldwide and take other restructuring measures to support growth, the company said on Tuesday.

The company will record total restructuring charges of about $109 million pre-tax, some $94 million of which will be recorded in the fourth quarter.

The remaining costs will be recorded in fiscal 2013, General Mills said. The company has been battling higher costs of raw materials.

The maker of Progresso soups, Cheerios cereal and Green Giant vegetables saw third-quarter net income fall to $391.5 million, or 58 cents per share in March, from $392.1 million, or 59 cents per share, a year earlier.

On Tuesday, General Mills said it was backing its earlier forecast of earnings between $2.53 and $2.55 a share for the year.

Nivedita Bhattacharjee in Chicago; Editing by Maureen Bavdek

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