General Mills to take ‘targeted organizationalal actions’, record $70M Q4 charge

In a regulatory filing, the company states: “On May 20, 2025, General Mills (GIS) approved a multi-year global transformation initiative intended to drive increased productivity by enhancing end-to-end business processes, enabled by targeted organizational actions. The Company anticipates that the series of actions related to the transformation initiative will be substantially completed by the end of fiscal 2028 and will result in total charges of approximately $130 million, of which approximately $120 million will be cash. The Company expects to record approximately $70 million of the total anticipated charges in the fourth quarter of fiscal 2025, primarily reflecting severance expenses. The estimate of costs that the Company expects to record, and the timing thereof, are subject to a number of assumptions and actual results may differ from current expectations. The Company may also record other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the transformation initiative.”