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General Mills Inc (GIS)

GIS on New York Consolidated

71.44USD
26 Jul 2016
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Latest Key Developments (Source: Significant Developments)

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

General Mills announces addition to July 1 flour recall
Monday, 11 Jul 2016 01:26pm EDT 

General Mills: Two flavors of Betty Crocker cake mix sold in U.S., one flavor sold in Canada added to company's announced flour recall from July 1, 2016 .No illnesses reported to date have been connected to cake mix; no other General Mills or Betty Crocker mixes are included in recall.  Full Article

CDC provides update on multistate outbreak of Shiga toxin-producing E.coli infections linked to flour
Friday, 1 Jul 2016 04:05pm EDT 

CDC : Multistate outbreak of Shiga toxin-producing E.coli O121 infections linked to flour ; 4 more ill people have been reported from 4 state .One new state, Indiana, has been added to the list of states with people ill due to Escherichia coli o121 infections linked to flour.  Full Article

General Mills expands flour recall to include additional dates from last fall
Friday, 1 Jul 2016 01:13pm EDT 

General Mills Inc: Expanding its recall of Gold Medal flour, Wondra flour, and Signature Kitchens flour to include flour made earlier in fall .Recall expanded due to newly reported illness that appears to be from consumption of raw dough or batter linked to flour produced last fall.  Full Article

General Mills reports Q4 adj earnings per share $0.66
Wednesday, 29 Jun 2016 07:30am EDT 

General Mills Inc Says Fourth : General Mills reports fiscal 2016 results with EPS above previous guidance; increases margin expansion target . Q4 adjusted earnings per share $0.66 . Q4 earnings per share view $0.60 -- Thomson Reuters I/B/E/S . Q4 sales $3.9 billion versus I/B/E/S view $3.86 billion . Quarter net sales for U.S. retail segment declined 12 percent to $2.2 billion . Says in Q4, international segment net sales totaled $1.2 billion, down 1 percent compared to prior year . In fiscal 2017 organic net sales growth ranging from flat to down 2 percent compared to 2016 . Is undertaking further efforts to prioritize investments, reduce complexity, and streamline its operations to drive profitable sales growth . Now expects to achieve an adjusted operating profit margin of 20 percent by fiscal 2018 . 2017 constant-currency adjusted diluted EPS growing 6 to 8 percent from base of $2.92 earned in fiscal 2016 . Says estimates a 1-2 cent headwind to fiscal 2017 adjusted diluted eps from currency translation . Looking ahead to fiscal 2018, general mills expects modest organic net sales growth . General Mills Inc says board of directors in declaring a quarterly dividend of $0.48 per share . Sees for 2018, low double-digit constant-currency increase in adjusted diluted EPS . General Mills Inc says new divdend represents a 4 percent increase from previous quarterly rate of $0.46 per share.  Full Article

General Mills announces partnership with Organic Valley
Wednesday, 8 Jun 2016 10:00am EDT 

General Mills Inc :Partnership with Organic Valley to help about 20 dairy farms add around 3,000 acres to organic dairy production over next 3 years.  Full Article

General Mills issues recall of 4 flavors of Nature Valley bars
Thursday, 2 Jun 2016 04:45pm EDT 

General Mills Inc : Recall is being issued as part of sunflower kernel supplier sunopta's ongoing national recall for potential presence of listeria monocytogenes . Nature valley's other products are not affected by recall . Voluntary national recall of four specific flavors of nature valley protein chewy bars and nature valley simple nut bars . General mills has not received any direct consumer reports of confirmed illnesses related to supplier issue .Four flavors of nature valley bars that are part of recall were distributed to retail establishments throughout united states.  Full Article

General Mills says recalling some brands of Flour Due to possible E. Coli contamination
Tuesday, 31 May 2016 01:23pm EDT 

General Mills Inc : Collaborating With Health Officials To Investigate An Ongoing, Multistate Outbreak Of E. Coli O121 . Collaborating To Investigate Outbreak Potentially Linked To Gold Medal Flour, Wondra Flour, And Signature Kitchens Flour . Company Has Not Been Contacted Directly By Any Consumer Reporting Confirmed Illnesses Related To These Products. . "Out Of An Abundance Of Caution, A Voluntary Recall Is Being Made" . Recall Affects Following Retail Flour Products That Could Be Currently In Stores Or In Consumers' Pantries . To Date, E. Coli O121 Has Not Been Found In Any General Mills Flour Products Or In Flour Manufacturing Facility . Authorities Researching 38 Occurrences Of Illnesses Across 20 States Related To E. Coli O121, Between Dec 21, 2015 , And May 3 , 2016 .Recall Includes 6 Stock Keeping Units Of Gold Medal Flour, 2 SKU's Of Signature Kitchens Flour, 1 SKU Of Gold Medal Wondra Flour.  Full Article

BRIEF-General Mills to close snacks manufacturing facility in Marília, Brazil - SEC Filing

* To eliminate excess capacity, will close snacks manufacturing facility in Marília, Brazil