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Diving Briefs:
- General Mills is closing G-Works, an in-house innovation unit and is suspending additional external investments in Venture Capital Arm 301 Inc.
- “We are adjusting how to pursue new growth initiatives,” said the serial and pet feed manufacturer, said General Mills spokesman Chelcy Walker. Minnesota Star Tribune reported it About 40 people will lose their jobs.
- Companies in food and beverage spaces are reducing costs and increasing margins as consumers withdraw their spending due to inflation and economic anxiety.
Dive Insights:
Walker launches a “new strategic growth office” by General Mills, with Cheerios and Blue Buffalo manufacturers shuttered G-works and 131 Inc. Led to suspend new investments in the department. She did not provide additional details about the new initiative.
The portfolio of G-Works includes low-carbs pasta carbe diem, good measurements of low-capacity food manufacturers and doolies to digest snacks. Meanwhile, 301 Inc. Pact plate, A Meal delivery service for dogs.
The change in investment strategy of General Mills is Carbe Diem or current 301 Inc. Walker pointed out that it will not affect the portfolio.
Jeff Harmening, CEO of General Mills, Last month, the New York Consumer Analyst Group said. Headquartered in Minnesota, the company has strengthened its contribution from innovation in recent years. He said the net sales of new product innovation increased almost 20% this year.
“We are excited about innovative pipelines, including many launches that may be a significant contribution to 2026 fiscal year.”
Last summer, General Mills Asheesh Saksena As a major strategy and growth manager. Harmening said All Gap and Best by Executive ”We have continued to demonstrate clear results of growth leading throughout various industries. ”
