General Mills to cut as many as 600 jobs globally
(Reuters) - General Mills Inc (GIS.N: Quote), 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.
As part of the new organizational structure, the company will be split into four business groups - North America retail, Europe & Australia, Asia & Latin America and convenience stores & foodservice.
The company said its French dairy unit, which makes Yoplait yoghurt and Häagen-Dazs ice-cream, would work independently with each of the four business groups.
Minneapolis-based General Mills has been struggling to boost sales as customers increasingly shift to less-processed and sugary foods.
The company has been cutting costs amid a sales decline that has lasted for five straight quarters.
General Mills said the savings from these changes will help it achieve its fiscal 2018 adjusted operating profit margin target of 20 percent.
The company had about 39,000 full- and part-time employees as of May 29.
(Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)
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