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Thursday, January 8, 2015

General Mills plans to shut down two plants, cut 500 jobs, (NYSE: GIS)

General Mills Inc said it plans to close down its plants in Midland, Ontario, Canada and New Albany, Indiana, cutting about 500 jobs, as part of announced efforts to reduce costs.The company, which makes Cheerios cereal and Betty Crocker cake mixes, has embarked on a cost-saving program that aims to save more than $400 million in fiscal 2015.The company also said in a regulatory filing on Thursday that it planned to reduce its refrigerated dough capacity.General Mills said it had notified the New Albany union representatives of its decision to shutdown the plant. The shutdown, if approved by the union, will result in about 400 job cuts, the company said.

General Mills, Inc. (General Mills) is a manufacturer and marketer of branded consumer foods sold through retail stores. Shares of GIS traded higher by 1.63% or $0.86/share to $53.57. In the past year, the shares have traded as low as $46.70 and as high as $55.64. On average, 2881190 shares of GIS exchange hands on a given day and today's volume is recorded at 4005929.