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December 19, 2002 | From Bloomberg News
General Mills Inc., the largest U.S. cereal maker, said second-quarter earnings more than doubled as last year's acquisition of Pillsbury led to cost savings and increased sales. The company raised its annual forecast. Net income climbed to $276 million, or 73 cents a share, from $131 million, or 41 cents, a year earlier. Sales increased 60% to $2.95 billion. Shares of Minneapolis-based General Mills climbed $1.09 to $45.98 on the NYSE.
May 14, 2002 | From Times Staff and Wire Reports
James P. McFarland, 90, who started selling bags of flour and became the president and chief executive officer of General Mills, died Friday of unspecified causes in Golden Valley, Minn. During his tenure at the food giant, which makes cereals such as Wheaties, Cheerios and Total as well as packaging vegetables and other foodstuff, the company tripled its business.
March 21, 2002 | Reuters
General Mills Inc. said its fiscal third-quarter net income fell 48% to $82.5 million, or 22 cents a share, as it faced sharply higher costs and sales disruptions after its October acquisition of bakery company Pillsbury. The company's operating earnings were 28 cents a share, in line with the company's lowered guidance in February. Sales rose 82% to $3.1 billion, boosted by incremental sales from the Pillsbury businesses. General Mills shares fell 77 cents to $47.23 on the NYSE.
February 6, 2002 | Bloomberg News
General Mills Inc. said fiscal third-quarter and full-year profit will miss previous forecasts because U.S. sales slowed as it joined its sales forces with those of Pillsbury Co. Earnings in the quarter ending this month will be 27 cents to 29 cents a share. Sales volume will be down about 3% to 4%, the company said. General Mills had forecast in December that profit before one-time items would be 40 cents to 44 cents and that sales volume would rise by a low-single-digit percentage.
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.
October 29, 2001 | Bloomberg News
Nestle, the biggest food maker, wants to buy the 50% it doesn't own in a venture that sells Haagen-Dazs ice cream in the U.S., according to spokesman Marcel Rubin. The Sunday Telegraph in London reported that such a purchase would be valued at $1 billion. Nestle has the right to take over the venture if there is a change in ownership of Haagen-Dazs. That occurred Wednesday when General Mills Inc.'s purchase of Pillsbury, the owner of Haagen-Dazs, was approved by the Federal Trade Commission.
October 24, 2001 | Times Wire Services
A deadlocked Federal Trade Commission on Tuesday cleared the way for General Mills Inc.'s proposed $5.36-billion purchase of Pillsbury from British food group Diageo. The commission split 2 to 2 on whether to oppose the deal in court and also deadlocked about a proposed antitrust settlement with the companies. The vote fell short of the majority the FTC needs to take action, so the acquisition of Pillsbury, best known for its line of refrigerated baked goods, can go forward without restrictions.
U.S. antitrust enforcers, concerned about the Pillsbury Doughboy's future, are urging a court challenge to block cereal maker General Mills Inc.'s $10.5-billion purchase of Pillsbury from Diageo, people familiar with the case said. Federal Trade Commission lawyers are worried that a plan to share the Doughboy brand is anticompetitive, the people said.
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