General Mills said in May that it expected to cut jobs and take other “targeted organizational actions” in an effort to improve its structure and drive $100 million in savings. The announcement came two months after General Mills said it was closing G-Works, its in-house innovation unit, and pausing additional outside investments by its venture capital arm 301 Inc.

The Cheerios and Nature Valley bar maker said it expects $43 million of asset write-offs and $6 million of other costs, including severance, in the second quarter of fiscal 2026.

Food and beverage companies have been looking for ways to save money and boost margins as consumers pull back on spending due to inflation and economic anxiety. Several other prominent companies have announced plant closures and job cuts this year, including PepsiCo, Conagra Brands and Post Holdings.