21 de julio de 2016 / 14:07 / hace un año

BRIEF-General Mills to close snacks manufacturing facility in Marília, Brazil - SEC Filing

2 MIN. DE LECTURA

July 21 (Reuters) - General Mills Inc

* To eliminate excess capacity, will close snacks manufacturing facility in Marília, Brazil

* Expect closing of Vineland facility to be completed by end of 2019 with cost of about $67 million of which about $20 million will be cash

* Expect to pay about $7 million in cash related to restructuring international unit, anticipate completing actions by end of 2017

* In Q1 of fiscal 2017, General Mills announced plan to restructure certain product lines in its international segment

* Will close snacks making facility in Marília, Brazil and cease production for meals and snacks at facility in São Bernardo Do Campo, Brazil

* Will also cease production of certain underperforming snack products at facility in Nanjing, China

* In Q1 of fiscal 2017, reached a definitive agreement to sell plant in Martel, OH

* In Q1 of fiscal 2017, notified employees and union representatives at Vineland, NJ facility of tentative decision to close plant in fiscal 2018

* Definitive agreement to sell plant in Martel for approximately $18 million in cash

* Expect to incur approximately $42 million of charges related to restructuring international unit

* Expect to record a loss of approximately $11 million on sale of Martel plant in quarter in which transaction closes

* Actions will affect about 420 positions in Brazilian operations and approximately 440 positions in Greater China operations

* Expect to record approximately $34 million of additional expense in fiscal 2017, primarily fixed asset write-offs related to Vineland facility

* If implemented, Vineland closure will affect about 370 positions, and expect to record about $18 million of severance expense

* Action to sell plant in Martel will affect approximately 180 positions Source text (bit.ly/2adKI9M) Further company coverage: (Bengaluru Newsroom; +1 646 223 8780; )

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