Corporate Profiles - 2021 - 78

COMPANY OVERVIEW
General Mills, Inc.
A
reorganization of its business structure, a pet
food acquisition and a new brand launch were
part of a busy 2021 at General Mills, Inc.
In restructuring, the Minneapolis-based company
said it hopes to capitalize on opportunities around
digital, data and technology, and e-commerce.
" To be clear, this is not simply a cost-cutting
exercise, " said Jeffrey L. Harmening, chairman
and chief executive officer, on May 20 during a
virtual presentation at the BMO Capital Markets
Farm to Markets Conference. " The goal of this
initiative is to free up resources from parts of
our organization and redeploy them into more
growth-facing areas, such as digital and data
and technology, e-commerce and strategic revenue
management and other capabilities that
are critical to our future success. "
During the presentation Mr. Harmening announced
several changes to General Mills' leadership
team. Dana McNabb, who previously led the
company's European and Australian segments, was
named chief strategy and growth officer, a newly
created position. Sean Walker, who was responsible
for Asia and Latin America, added Europe and Australia
to his responsibilities.
John Church, formerly chief supply chain officer,
transitioned to the new role of chief transformation
and enterprise services officer. Paul Gallagher, who was
Business restructuring takes center stage in busy 2021
responsible for General Mills' North American supply
chain, was promoted to chief supply chain officer.
In a June 4 filing with the US Securities and Exchange
Commission, General Mills said it expected
to incur charges related to the reorganization of approximately
$160 million in fiscal 2021, primarily
reflecting severance expenses.
" We expect these actions to be completed by
the end of fiscal 2023 with a total cost of approximately
$170 million to $220 million, of which approximately
$130 million to $180 million will be
cash, " the company said.
Also as part of the reorganization, General Mills'
North America retail business is expected to be
consolidated from five operating units to three.
Offices in Berkeley, Calif., and Austin, Texas, are
expected to close.
Even as it focused on restructuring, General Mills
did not neglect opportunities to expand. The company
in early July completed its acquisition of Tyson
Foods, Inc.'s pet food business for $1.2 billion. As
part of the acquisition, General Mills also acquired
a manufacturing plant in Independence, Iowa.
Tyson Foods' pet food business had sales of more
than $240 million during the 12 months ended
April 3, according to the company. General Mills
said the transaction will provide an estimated tax
benefit of $225 million, equating to an effective
purchase price of $975 million.
General Mills entered the pet food category in
2018 when it acquired Blue Buffalo Pet Products,
Inc. for approximately $8 billion.
" Pet food is a high-growth category, fueled by
the humanization of pets, a trend that has only
increased during the pandemic, " said Bethany
Quam, General Mills group president, Pet segment.
" By adding these trusted pet treat products to our
portfolio, we are strengthening our position in this
attractive category. "
General Mills also did some brand building in
2021, introducing Good Measure, a new brand
of snacks aimed at consumers who are concerned
about how food interacts with their blood sugar, including
those with diabetes and prediabetes.
Good Measure launched with two products -
Creamy Nut Butter Bars and Crunchy Almond
Crisps - that are sweetened with allulose. The
bars feature a blend of nuts, nut butters, seeds and
either dark chocolate or blueberries and come in
Chief executive officer -
Jeffrey L. Harmening
General Mills, Inc. net earnings
(fiscal years ended in May)
General Mills, Inc. net sales
(fiscal years ended in May)
General Mills share price
per share
$1,753
$2,181
$2,340
$16,865
$17,627
$18,127
$52
$56
$60
$64
$68
2019
2020
2021
2019
2020
2021
Oct.
2020
Dec.
Feb.
2021
Apr.
June
Aug.
78 \ October 2021
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Corporate Profiles - 2021

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