MINNEAPOLIS – General Mills expects to reduce its workforce by 675 to 725 positions as part of Project Compass, a restructuring plan designed to accelerate long-term growth in the company’s International segment, according to a Form 8-K filed June 25 with the U.S. Securities and Exchange Commission.
Minneapolis-based General Mills expects the restructuring actions will save $45 million to $50 million annually. About $25 million to $30 million of cost savings should come in fiscal year 2016. Total restructuring charges will be in the range of $57 million to $62 million pre-tax, primarily reflecting one-time employee termination benefits. About $54 million to $57 million of the restructuring charges will be recorded in the first quarter of fiscal year 2016. General Mills should complete the restructuring early in fiscal year 2017.