General Mills CEO Prioritizes Debt Reduction Over M&A Amid Challenging Market Conditions
General Mills CEO Jeff Harmening stated that mergers and acquisitions are not a top priority for the company in the current challenging market environment. Instead, General Mills is focusing on paying down debt and streamlining operations by potentially divesting underperforming brands or regions where it operates. The food manufacturer recently sold its Brazil business and plans to offload other non-core assets strategically rather than conducting fire sales. General Mills reported $18.4 billion in net sales for the 2026 fiscal year, with organic net sales declining by 2%. The company expects similar or slightly improved performance in 2027, projecting a range of down 1.5% to up 0.5% growth. As part of its strategy to return to profitable growth, General Mills aims to cut $3 billion in costs over the next four years. The CEO emphasized that any divestitures will be value-creating and not rushed decisions. The company is also focusing on innovation and improving retail sales trends as it seeks to strengthen brand consumer engagement.
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