General Mills indicated in a recent regulatory filing that it will undergo a “multi-year global transformation initiative” that appears likely to result in job cuts.
The Twin Cities food producer disclosed the effort in a filing Tuesday with the U.S. Securities and Exchange Commission, the Minnesota Star Tribune reported. The company indicated that it expects to absorb $130 million in charges related to the initiative in the coming years, including a $70 million charge in its fourth quarter mainly tied to severance costs.
A number of potential job reductions was not disclosed, although the paper noted that it subsequently announced between 700 to 800 cuts in North America and as many as 600 more in other markets.
Reuters noted that the company reduced its revenue and profit outlook earlier this year amid uncertain demand linked to competition from private-label snack and pet food brands.
A company spokesperson told Reuters that although the move “represents hard choices, they are necessary to fund product innovation … and position General Mills for long-term success.”