NEW YORK—General Mills Inc. plans to cut 700 to 800 jobs, marking the second time the company has trimmed its work force in a month as it wrestles with a shift by consumers away from boxed or frozen meals.
The Minneapolis-based company expects about US$135- to US$160 million in restructuring charges.
It foresees annual cost savings of approximately US$125- to US$150 million, starting in fiscal 2016.
General Mills anticipates the current restructuring to be completed by fiscal 2015’s end.
The company has said it’s begun a formal review of its North American manufacturing and distribution network, along with a pair of announcements in recent months about cost-cutting initiatives.