General Mills to close California yogurt making facility as part of restructuring
General Mills Inc. disclosed Friday that it will close its yogurt manufacturing facility in Carson, Calif., as part of a new restructuring program approved earlier this week. The consumer foods company said it expects to incur about $130 million in expenses, including $25 million in severance costs, as part of the restructuring, which will focus on consolidating production and "optimizing" labor, logistics and manufacturing operations. The expenses will also include about $105 million in exit and project-related costs, primarily asset write-offs. The stock has tumbled 22% over the past 12 months, while the SPDR Consumer Staple Select Sector ETF has slipped 2.8% and the S&P 500 has gained 0.5%.