General Mills has announced that it will cut about 850 jobs from its worldwide workforce of about 35,000 as part of its plan to lower costs and increase efficiency.
Like other food makers, General Mills has been challenged by higher input/ingredients, labor and other costs.
The company saw its fiscal 2012 Q3 profit decline slightly due to cost increases.
TwinCities.com/Pioneer Press reported that General Mills expects the costs associated with the layoffs to result in total pretax charges of about $109 million -- $94 million of which will come in fiscal Q4, with the rest to be recorded in fiscal 2013.
However, the company still hopes to post an adjusted fiscal 2012 profit of $2.53 to $2.55 per share.