MINNEAPOLIS — A May 27 filing with the US Securities and Exchange Commission (SEC) titled “Costs associated with exit or disposal activities” foreshadows more restructuring at General Mills, Inc. In the filing, the company said it plans to undertake a “transformation initiative” that will result in $130 million in charges by the end of fiscal 2028.
“The company expects to record approximately $70 million of the total anticipated charges in the fourth quarter of fiscal 2025, primarily reflecting severance expenses,” according to the company.
The SEC filing follows weak third-quarter results announced in late March and the slashing of the company’s fiscal 2025 guidance. At that time, Jeffrey Harmening, chairman and chief executive officer, said the company needed to rework its value proposition for consumers. Initiatives that began in the fourth quarter include stepped-up investment in pricing, brand marketing, media and innovation, to be supported by savings from new cost-efficiency initiatives.
