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General Mills: Companies
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General Mills is one of the world's largest food companies with revenues of $11.6 billion. In Europe, its cereals and snacks are available through joint ventures. The company is ... in Asia, Australia, and Latin America. [1]
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General Mills (NYSE: GIS) is a Fortune 500 corporation, mainly concerned with food products, which is headquartered in Golden Valley, Minnesota, a suburb of Minneapolis. The company markets such brands as Betty Crocker, Progresso, Yoplait, Old El Paso, and Pillsbury, as well as numerous well-known breakfast cereals (see below).
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The large General Mills elevating and milling complex at 54 South Michigan Street began as a small Buffalo-owned elevator company, Frontier Elevator, incorporated by six local businessmen in 1886. The Frontier has a capacity of 4.75 million bushels and was the largest of Buffalo's 21 elevators in operation at the time.
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During his seven years as General Mills chief, Rawlings managed to double the company's earnings and bring consumer foods to 80 percent of total sales, up from 45 percent. Although Rawlings wanted another outsider to succeed him, the board of directors chose James P. McFarland in 1969. General Mills was the only company for which McFarland had ever worked, and in choosing him the corporation renewed its commitment to balance and stability.
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General Mills is not the only cereal maker to feel the heat from soaring grain and corn prices. In a similar move, back in October, cereal maker Kellogg Company (nyse: K - news - people ) reported a strong third quarter report but issued a weak guidance for 2008. The Battle Creek, Mich.-based company said profits rose 8.5% to $305 million in the third quarter, or 76 cents per share, from $281 million, or 70 cents per share, for the year ago. Like General Mills, the company beat expectations for earnings of only 73 cents per share. However, the company disappointed investors, when it said earnings will likely be between $2.92 and $2.97 for 2008. Analysts were hoping for $3.04 a share.
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In the last couple years, General Mills has begun producing products to keep up with the growing number of health conscious consumers. The company has chosen to switch all its cereals to whole grain. According to nutritionalist, whole grains are a much healthier choice when choosing grain products. "If whole grain becomes a marketing magnet, it could lead the way to a healthier nation," says Dr. Neal Barnard, author of Breaking the Food Seduction. The company ... started manufacturing their kid-targeted cereals with less sugar. [3] [4] [5]
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