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General Mills Inc (GIS)

GIS on New York Consolidated

63.20USD
9 Dec 2016
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Latest Key Developments (Source: Significant Developments)

General Mills expects to eliminate approximately 400 - 600 positions globally
Monday, 5 Dec 2016 10:10am EST 

General Mills Inc : Expects to eliminate approximately 400 - 600 positions globally . On December 5, company approved restructuring actions designed to better align its organizational structure with its strategic initiatives . Restructuring actions are expected to be completed by end of fiscal 2018 - SEC filing . Expects to record total pre-tax restructuring charges of about $60 to $90 million, reflecting primarily one-time, cash employee separation expenses .Restructuring actions are expected to be completed by end of fiscal 2018.  Full Article

General Mills says is eliminating position of international chief operating officer
Monday, 5 Dec 2016 10:06am EST 

General Mills Inc : Company is eliminating position of international chief operating officer . Effective Jan. 1, 2017, four business groups will report directly to Jeff Harmening, each led by a group president .Capability investments, savings generated by new changes will "help" co deliver fiscal 2018 adjusted operating profit margin target of 20 percent.  Full Article

General Mills sells plant in Indiana to Investor Group
Tuesday, 15 Nov 2016 11:15am EST 

New Mill Capital Holdings: New owners of plant intend to auction the remaining equipment in early 2017 . JV between New Mill Capital Holdings, Tiger Capital Group acquired former dough-products manufacturing plant from General Mills . Deal, which included large portion of production equipment that was used in plant, closed on Nov. 14 for undisclosed price .General Mills sells plant in Indiana and Tiger Group purchases 455,000-square- foot facility in New Albany, Indiana.  Full Article

General Mills announces anticipated departure of Christopher O'Leary
Wednesday, 12 Oct 2016 08:28am EDT 

General Mills Inc : General Mills Inc - announced anticipated departure of Christopher O'Leary, executive vice president and chief operating officer, international . General Mills Inc - O'Leary to remain in his current role until Dec. 31, 2016; he will thereafter serve in advisory role during transition period .General Mills Inc -Jeffrey Harmening, president, chief operating officer, to assume direct accountability for international operations on Jan. 1, 2017.  Full Article

General Mills increases FY dividend by 8 percent to $1.92 per share
Tuesday, 27 Sep 2016 05:25pm EDT 

General Mills Inc : Says declared a quarterly dividend at prevailing rate of $0.48 per share .Increases FY dividend by 8 percent to $1.92 per share.  Full Article

General Mills makes leadership changes in U.S. Retail and Europe-Australasia businesses
Tuesday, 30 Aug 2016 09:30am EDT 

General Mills Inc : General mills announces leadership changes in U.S. Retail and Europe-Australasia businesses . Jon Nudi has been named senior vice president; president, U.S. Retail, one of company's three operating segments . Says U.S. Retail role was previously held by Jeff Harmening .Replacing Nudi in Europe will be Bethany Quam who has been promoted to senior vice president, president, Europe,Australasia region.  Full Article

General Mills CEO Kendall J. Powell's 2016 total compensation $11 mln
Monday, 15 Aug 2016 05:30pm EDT 

General Mills Inc : CEO Kendall J. Powell's 2016 total compensation was $11 million versus $13.4 million in 2015 - SEC Filing . Says CFO Donal L. Mulligan FY 2016 total compensation $3.9 million versus $4.7 million in FY 2015 Source - http://bit.ly/2b7idsL Further company coverage: [GIS.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

U.S. CDC updates on outbreak of Shiga toxin-producing E.coli infections
Monday, 25 Jul 2016 05:22pm EDT 

U.S. CDC : Updates On Multistate Outbreak Of Shiga Toxin-Producing Escherichia Coli infections linked to flour . Since last update on July 1, four more ill people reported from two states (Minnesota and Wisconsin), bringing total number of cases to 46 . Producing Escherichia Coli (STEC o26), has been added to the outbreak investigation .One person has developed Hemolytic Uremic syndrome, a type of kidney failure.  Full Article

General Mills says expands retail flour recall
Monday, 25 Jul 2016 01:30pm EDT 

General Mills Inc: Due to 4 new confirmed illnesses, co is adding additional flour production dates to previously announced U.S. Retail flour recall . Expansion announced today includes select production dates through February 10, 2016 . No illnesses have been connected with flour that has been properly baked, cooked or handled .E.Coli detected in small number of co's flour samples, some linked to new patient illnesses that fell outside of previously recalled dates.  Full Article

General Mills to close snacks manufacturing facility in Marília, Brazil - SEC Filing
Thursday, 21 Jul 2016 10:00am EDT 

General Mills Inc : To eliminate excess capacity, will close snacks manufacturing facility in Marília, Brazil . Expect closing of Vineland facility to be completed by end of 2019 with cost of about $67 million of which about $20 million will be cash . Expect to pay about $7 million in cash related to restructuring international unit, anticipate completing actions by end of 2017 . In Q1 of fiscal 2017, General Mills announced plan to restructure certain product lines in its international segment . Will close snacks making facility in Marília, Brazil and cease production for meals and snacks at facility in São Bernardo Do Campo, Brazil . Will also cease production of certain underperforming snack products at facility in Nanjing, China . In Q1 of fiscal 2017, reached a definitive agreement to sell plant in Martel, OH . In Q1 of fiscal 2017, notified employees and union representatives at Vineland, NJ facility of tentative decision to close plant in fiscal 2018 . Definitive agreement to sell plant in Martel for approximately $18 million in cash . Expect to incur approximately $42 million of charges related to restructuring international unit . Expect to record a loss of approximately $11 million on sale of Martel plant in quarter in which transaction closes . Actions will affect about 420 positions in Brazilian operations and approximately 440 positions in Greater China operations.  Full Article

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General Mills to cut as many as 600 jobs globally

General Mills Inc , the maker of Cheerios cereal, said it would cut as many as 600 jobs globally as part of a new organizational structure and eliminate the position of international chief operating officer.