NEW YORK (AP) — General Mills plans to cut 700 to 800 jobs, the second time it’s trimmed its work force in a month, as the food company wrestles with a shift by U.S. consumers away from boxed or frozen meals.
The Minneapolis company expects about $135 million to $160 million in restructuring charges. It foresees annual cost savings of approximately $125 million to $150 million, starting in fiscal 2016.
General Mills Inc. 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.