Corporate Profiles - 2020 - 80

COMPANY OVERVIEW

manufacturing plant in Wellston, Ohio.The facility specializes in making Totino's
pizza snacks and is one of the largest frozen food manufacturing plants in the
United States.
General Mills said the investment will include a focus on improving operations to be more productive and efficient, and increasing overall capacity. The
expansion will add jobs to the plant, bringing total full-time employees at the
facility to nearly 900.
A month later, General Mills announced plans to invest $37 million at its cereal, fruit snacks and frosting facility in Cedar Rapids, Iowa. Investment will be
made on upgrades to existing production equipment and for new, more efficient
machinery and equipment.The Iowa Economic Development Authority board has
awarded General Mills tax benefits for the project through the High Quality Jobs
program.The modernization project is expected to create 50 jobs. CP

General Mills, Inc. Pet
% change from year ago

Fiscal 2020 ended in May
Net sales
in millions

Mills' business. Consumers are ordering more products online, and General Mills is
well equipped to meet demand, Mr. Harmening said.
"If we look at e-commerce broadly across the company, it's roughly 9% of
our sales as we exit the fourth quarter, with a significant increase," Mr. Harmening said during a July 1 conference call with analysts following the release
of the company's fiscal 2020 financial results.
Because of the significant uncertainty in the balance of at-home versus awayfrom-home food demand, Mr. Harmening said General Mills is not providing
guidance for fiscal 2021.The company has set three key priorities, though.
First, General Mills aims to compete effectively everywhere it plays. Second, General Mills will drive efficiency to fuel investment in its brands and in capabilities.
Finally, the company will look to reduce its leverage to increase financial flexibility.
Mr. Harmening also said General Mills is determined to leverage its scale
through enterprise capabilities as a competitive advantage.To do this, the company plans to make data and analytics a strategic priority.
"We've begun investing this year to enhance our sources of data, improve
our analytical tools and build a dedicated team with unique skills to unlock
significant data-driven opportunities for our business," he said during a February presentation at the Consumer Analyst Group of New York Conference. "This
capability has a potential for far-reaching benefits."
Areas with opportunity for improvement include global sourcing and using
machine learning to improve the accuracy of demand forecasting and, thus,
lowering supply chain costs.
In early August, General Mills unveiled plans to invest millions to upgrade its

$1,695
+18%

Segment operating profit

$391
+46%

General Mills, Inc. North America Retail
Fiscal 2020 ended in May

Net sales
+8%

Segment operating profit

Fiscal 2020 ended in May

% change from year ago
$10,751

$2,627

% change from year ago
$1,816

in millions

Net sales

General Mills, Inc. Convenience Stores
and Foodservice

-8%
Segment operating profit

$337

+15%

General Mills, Inc. Europe
and Australia
Fiscal 2020 ended in May

General Mills, Inc. Asia
and Latin America
% change from year ago

Net sales

$114

in millions

-3%
Segment operating profit

Fiscal 2020 ended in May

$1,839

in millions

Net sales

-20%

% change from year ago
$1,526
-8%

Segment operating profit

-8%

80 \ October 2020

Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry * Pet Food Processing

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Corporate Profiles

Corporate Profiles - 2020

Table of Contents for the Digital Edition of Corporate Profiles - 2020