Core Points - General Mills is closing three manufacturing plants in Missouri to enhance supply chain competitiveness [1][2] - The closures include a pizza crust plant in St. Charles and two pet food plants in Joplin, acquired through a $1.45 billion purchase in 2024 [1][2] - Production at the Joplin plants will cease by July 2026, while the St. Charles facility is set to close by the end of June 2026 [4] Financial Impact - The closures are expected to incur approximately $82 million in restructuring charges, which includes around $64 million in asset write-offs and $18 million in severance and other costs [5] - About $49 million of these charges are anticipated to be recorded in the second quarter of fiscal year 2026 [6] - The restructuring process is expected to be completed by the end of fiscal year 2029 [6] Employee Transition - Most employees from the Whitebridge plants are likely to be offered positions at General Mills' existing Joplin sites, while TNT Pizza Crust workers will receive support for roles at other company locations [3]

Core Viewpoint - General Mills is closing three factories in Missouri as part of a cost-cutting and productivity improvement strategy, which includes a broader "global transformation" program aimed at enhancing business efficiency [1][2][3]. Group 1: Factory Closures - The company will shut a pizza-crust facility in St. Charles by the end of June next year and two pet-food plants in Joplin a month later [2]. - The closures are part of a consolidation effort, with production transitioning to other facilities [2][3]. - General Mills expects to incur $82 million in restructuring charges due to these closures and asset consolidations [3]. Group 2: Financial Performance - In the last full financial year, General Mills reported a 2% decline in net sales to $19.5 billion, with organic sales also down 2% [4]. - For the first quarter of the new financial year, reported sales fell 7% to $4.5 billion, while organic revenues decreased by 3% [4]. - Reported volumes across the group fell by eight percentage points, with North America retail experiencing a 16-point decline [5]. Group 3: Strategic Outlook - The company aims to reinvest savings from the closures to boost sales volumes [5]. - The chairman and CEO expressed confidence in the company's strategy, noting improvements in market share across key categories [6].