More Job Cuts At General Mills

(RTTNews) - General Mills Inc. (GIS), Thursday announced another set of job cuts, as the packaged-food company aims to boost its slowing sales and curb operating costs.

General Mills in a regulatory filing Thursday said it will eliminate 285 positions as it plans to closes manufacturing facilities in Berwick, United Kingdom and East Tamaki, New Zealand.

In January, General Mills had launched Project Century, its expense reduction program. General Mill as well as its peers are struggling to post improved earnings and revenues, hurt largely by continued weakness in food-industry trends in the U.S. with consumers turning more health conscious.

The company expects total restructuring charges of about $47 million to $52 million, including about $11 million of severance expense and $36 million to $41 million of other charges.

The company expects to complete these actions by the end of fiscal 2017.

In June, General Mill announced job cuts of up to 725 jobs in its international division and the closure of six U.S. factories, including large cereal plants in Chicago and Lodi, California.

GIS closed Thursday's trading at $58.18, up $0.06 or 0.10% in the after-hours trade.