General Mills 8-K 2012
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
General Mills, Inc.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 2.05 Costs Associated with Exit or Disposal Activities.
On May 21, 2012, General Mills, Inc. approved a productivity and cost savings plan designed to improve organizational effectiveness and focus on key growth strategies. The plan includes organizational changes that strengthen business alignment, and actions to accelerate administrative efficiencies across the company. In connection with this initiative, the company expects to eliminate approximately 850 positions globally. Plans also include asset-related costs of approximately $13 million pre-tax associated with the write-down of selected production equipment. The company will record total restructuring charges of approximately $109 million pre-tax, reflecting one-time employee separation expenses and the asset-related costs. Approximately $94 million of these restructuring costs will be recorded in the fourth quarter of fiscal 2012, which ends on May 27, 2012. The remaining costs will be recorded in fiscal 2013. These restructuring actions are expected to be completed by the end of fiscal 2014.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.