Dive Brief:
- General Mills said it will cut between 700 and 800 salaried jobs as it looks to lower costs amid plummeting sales.
- The packaged food company, which makes Cheerios cereal, Yoplait yogurt, and dozens of other brands, said the job cuts will be completed by spring and would save the company as much as $150 million annually.
- The company provided no details on what jobs would be eliminated or in which of its multiple locations.
Dive Insight:
General Mills says the new cuts are part of "Project Catalyst," an effort aimed at cutting overhead. That's not to be confused with "Project Century," an effort aimed at cutting production and distribution expenses. (The factory closings announced last month are part of the Century program.)
Our guess, as we suggested before, is that at least some of the Project Catalyst cuts will be in marketing.