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BUSINESS
March 18, 2011
General Mills Inc. has entered into exclusive negotiations to buy a majority stake in French yogurt company Yoplait, the company said Friday. Yoplait is the world's second-largest yogurt maker and is owned by French investment firm PAI partners and French cooperative dairy group Sodiaal. If successful, General Mills would acquire the roughly 50 percent stake held by PAI partners and work with Sodiaal, which is retaining its stake. General Mills did not disclose the value of the offer but the Wall Street Journal, citing a personal familiar with the situation, has placed it at $2.2 billion.
ARTICLES BY DATE
BUSINESS
April 21, 2014 | David Lazarus
General Mills, maker of Cheerios and Wheaties, thinks it deserves credit for reversing itself after quietly trying to strip customers of their constitutional right to a day in court. But that's like a homeowner saying he deserves credit for putting out a house fire after deliberately setting his living room ablaze. The reality is that General Mills Inc., one of the nation's largest food companies, tried to pull a fast one on consumers and was caught off-guard by the volume and the scope of the backlash.
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BUSINESS
May 22, 2012 | By Tiffany Hsu
General Mills Inc. will get rid of 850 jobs in an attempt to cut costs and boost productivity as items such as Cheerios cereal, Progresso soups and Hamburger Helper become costlier to make. The downsizing will affect 2.4% of the Minneapolis company's workforce of 35,000 people. Including employee severance, General Mills expects $109 million in pretax restructuring charges. Of that, $94 million will be recorded in the fourth quarter, which ends May 27. The company said the restructuring effort is meant to help “improve organizational effectiveness and focus on key growth strategies.” General Mills spokeswoman Kristie Foster said that the timing of the layoffs will vary, but that “most individual decisions will be communicated in the coming weeks.” About half of the cuts will come from the Minneapolis headquarters; across the company, administrative and support positions will be most affected.
BUSINESS
April 21, 2014 | By Ricardo Lopez
General Mills Inc., maker of Cheerios and other grocery staples, has reversed a recent change to its online legal policy after an outcry by consumers. The policy had been quietly updated last week to include terms under which any dispute with the company would have to be decided through arbitration, a change first reported by the New York Times last week. Critics and legal experts said the new terms could cost consumers their right to sue in court if they merely "liked" General Mills' social media pages, downloaded coupons from its website or entered any company-sponsored contests.
BUSINESS
March 21, 2012 | By Tiffany Hsu
The growing popularity of Greek yogurt is putting a damper on General Mills' Yoplait brand, pushing the company's third quarter volume sales down in the U.S. Though General Mills' Peanut Butter Cheerios made a strong debut at the beginning of the year and the “fast-growing” natural and organics foods sector enjoyed a double-digit increase in sales, domestic volume fell in the quarter ended Feb. 26. Yoplait sales slipped 3% as Greek yogurt brands...
BUSINESS
February 7, 2004 | From Bloomberg News
General Mills Inc. employees have been questioned by the Securities and Exchange Commission about shipping excess orders to supermarkets to inflate sales and boost the No. 2 U.S. cereal maker's share price, according to a lawyer for a fired employee who has met with the agency. On Tuesday, General Mills said the SEC's staff had recommended civil action against the Minneapolis-based company over sales and accounting practices.
BUSINESS
December 20, 2001 | Bloomberg News
General Mills Inc. said fiscal second-quarter profit fell 35% and profit this period won't meet analysts' forecasts as the company spends money to integrate its acquisition of most of Pillsbury's businesses. Net income fell to $130.8 million, or 41 cents a share, from $202.7 million, or 70 cents, a year earlier. Revenue in the period ended Nov. 25 rose 24% to $2.34 billion. General Mills expects earnings before extraordinary costs to be 40 cents to 44 cents in the third quarter and $2.15 to $2.
BUSINESS
June 23, 2004 | From Reuters
General Mills Inc. said it was raising wholesale prices 2% to 9% on several categories of foods, including Progresso soups, some frozen breakfast items, yogurt and Totino's snack foods, to keep pace with rising raw materials costs. Some of the nation's biggest food companies, including Kraft Foods Inc., Hormel Foods Corp., Bob Evans Farms Inc. and Birds Eye Foods Inc., have said in recent months that they were taking measures to pass on soaring dairy, soybean, corn and meat prices to consumers.
BUSINESS
March 20, 2003 | From Bloomberg News
General Mills Inc. said third-quarter profit almost tripled, helped by the 2001 acquisition of Pillsbury. Net income climbed to $240 million, or 63 cents a share, from $82 million, or 22 cents, a year earlier. Revenue rose 11% to $2.65 billion. Shares of the Minneapolis-based company rose 5 cents to $44.93 on the NYSE.
BUSINESS
July 14, 2000 | Reuters
Britain's Diageo, owner of Burger King and Guinness beer, is in talks to combine its Pillsbury food business with General Mills Inc. in an expected $10.5-billion share swap with the U.S. cereal maker, the companies said. A deal, which would mark the latest step in a rapid consolidation of the food industry, would leave Diageo with a 30% to 40% stake in enlarged General Mills, according to sources close to the situation.
OPINION
January 7, 2014
Re "In plain Cheerios, no more GMOs," Business, Jan. 4 I was taken aback by General Mills' announcement that it will remove from plain Cheerios ingredients derived from genetically modified crops. The company acknowledged that there are no scientifically supported safety concerns; rather, General Mills is making this move to appease that segment of its market that uses the megaphone of ignorance and fear. How disappointing. As with climate change, the science is in: Genetically modified crops have been shown to be as safe as their non-GM counterparts.
NEWS
January 6, 2014 | By Karin Klein
It's good news that General Mills has decided not to include genetically engineered ingredients in Cheerios. Not because crops whose DNA has been tinkered with in a laboratory are dangerous to human health. There's still a dearth of evidence that they are. But plenty of consumers don't like them and outright fear them. (By the way, a New York Times article published Sunday does an excellent job of examining the claims and facts about bioengineered food, in a thorough and balanced way, by following a Hawaii councilman's journey to learn as much of the truth as he can about such food before voting on the topic.)
BUSINESS
August 1, 2013 | By Tiffany Hsu
Kellogg Co., maker of breakfast brands such as Cocoa Krispies cereal and Eggo waffles, said its U.S. morning foods unit suffered a 3.3% sales decline in the second quarter. Overall North American sales were up 3.3% to $2.4 billion, while the American snacks division soared 8%. But growth in the cereal category “was disappointing,” Chief Executive John Bryant told analysts during a conference call Thursday. Brands such as Special K, Raisin Bran and Frosted Flakes performed well, but the adult cereal segment was weak, Bryant said.
BUSINESS
May 22, 2012 | By Tiffany Hsu
General Mills Inc. will get rid of 850 jobs in an attempt to cut costs and boost productivity as items such as Cheerios cereal, Progresso soups and Hamburger Helper become costlier to make. The downsizing will affect 2.4% of the Minneapolis company's workforce of 35,000 people. Including employee severance, General Mills expects $109 million in pretax restructuring charges. Of that, $94 million will be recorded in the fourth quarter, which ends May 27. The company said the restructuring effort is meant to help “improve organizational effectiveness and focus on key growth strategies.” General Mills spokeswoman Kristie Foster said that the timing of the layoffs will vary, but that “most individual decisions will be communicated in the coming weeks.” About half of the cuts will come from the Minneapolis headquarters; across the company, administrative and support positions will be most affected.
BUSINESS
May 8, 2012 | By Dawn C. Chmielewski, Los Angeles Times
Build-a-Bear Workshop was introducing a line of stuffed animals called smallfrys and wanted to reach moms through Facebook. One video used in the online promotion showed a woman pulling up to a fast-food window. Her young daughter requests "a smallfry. " When her mom suggests a fruit cup or celery sticks, the daughter says, "Mom, order me a curly-haired bunny in a purple sequined bathing suit. " The 45-second smallfrys spot came not from a traditional advertising agency but from Poptent Inc., a "crowdsourced" video production studio that has built a global community of 50,000 writers, directors, cinematographers and animators to create commercials for Build-a-Bear, American Airlines, Dell, Intel, Jaguar, General Mills and others.
BUSINESS
March 22, 2012 | Tiffany Hsu
The growing popularity of Greek yogurt is putting a damper on General Mills Inc.'s Yoplait brand, helping to push the company's third-quarter sales volume down in the U.S. Although General Mills' Peanut Butter Cheerios made a strong debut at the beginning of the year and its natural and organic foods sector enjoyed a double-digit increase in sales volume, domestic volume for the food giant fell in the fiscal quarter that ended Feb. 26. ...
BUSINESS
March 21, 2012 | By Tiffany Hsu
The growing popularity of Greek yogurt is putting a damper on General Mills' Yoplait brand, pushing the company's third quarter volume sales down in the U.S. Though General Mills' Peanut Butter Cheerios made a strong debut at the beginning of the year and the “fast-growing” natural and organics foods sector enjoyed a double-digit increase in sales, domestic volume fell in the quarter ended Feb. 26. Yoplait sales slipped 3% as Greek yogurt brands...
BUSINESS
March 18, 2011
General Mills Inc. has entered into exclusive negotiations to buy a majority stake in French yogurt company Yoplait, the company said Friday. Yoplait is the world's second-largest yogurt maker and is owned by French investment firm PAI partners and French cooperative dairy group Sodiaal. If successful, General Mills would acquire the roughly 50 percent stake held by PAI partners and work with Sodiaal, which is retaining its stake. General Mills did not disclose the value of the offer but the Wall Street Journal, citing a personal familiar with the situation, has placed it at $2.2 billion.
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