WASHINGTON (dpa-AFX) - General Mills (GIS) said it expects to eliminate around 850 positions worldwide as part of its productivity and cost savings plan, which includes asset-related costs of about $13 million pre-tax associated with the write-down of selected production equipment.
The company would record total restructuring charges of some $109 million pre-tax, reflecting one-time employee separation expenses and the asset-related costs. Nearly $94 million of these restructuring costs would be recorded in the fourth quarter of fiscal 2012, while the remaining costs would be recorded in fiscal 2013.
General Mills still sees fiscal 2012 adjusted earnings per share of $2.53 - $2.55, excluding the fourth quarter restructuring charge, mark-to-market valuation effects, and Yoplait integration costs. Nineteen analysts estimate earnings of $2.54 per share for the full year.
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