General Mills is a leading global manufacturer and marketer of branded consumer foods. The company's portfolio includes more than 100 brands sold in 100 countries across six continents. In addition to its consolidated operations, General Mills has 50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 130 countries worldwide. The company focuses on providing great taste, nutrition, convenience, and value for consumers around the world through a variety of human and pet food products. Key markets include North America, Europe, and Asia.

General Mills competes with numerous manufacturers of varying sizes, as well as retailers with their own branded products. Competition is based on product innovation, quality, price, brand recognition, marketing effectiveness, and the ability to satisfy consumer preferences.

• Employees: Approximately 34,000 (as of May 26, 2024)
• Geographic Footprint: 100 countries across six continents
• Headquarters: Minneapolis, Minnesota
• Founded: Over 150 years ago
• Number of locations/facilities: 42 production facilities (as of May 26, 2024)
• Revenue: $19.86 billion (FY2024)
• Key Subsidiaries/Brands: Annie's, Betty Crocker, Blue Buffalo, Cheerios, Häagen-Dazs, Old El Paso, Pillsbury, Progresso, Yoplait, and many others

• CEO: Jeffrey L. Harmening
• CFO: Kofi A. Bruce
• Chief Supply Chain Officer: Paul J. Gallagher
• Board Chair: Jeffrey L. Harmening
• Other Key Executives: Ricardo Fernandez (Segment President, International), Dana M. McNabb (Group President, North America Retail), Jon J. Nudi (Group President, Pet, International, and North America Foodservice), Mark A. Pallot (Vice President, Chief Accounting Officer), Lanette Shaffer Werner (Chief Innovation, Technical and Quality Officer), Pankaj Sharma (Segment President, North America Foodservice), Jacqueline Williams-Roll (Chief Human Resources Officer), and Karen Wilson Thissen (General Counsel and Secretary)

Key leaders have extensive experience in various management and marketing roles within General Mills and other major companies.

• Annual Revenue: $19.86 billion (FY2024)
• Net Income: $2.50 billion (FY2024)
• Total Assets: $31.47 billion (as of May 26, 2024)
• Employees: Approximately 34,000 (as of May 26, 2024)
• Key Financial Highlights: Organic net sales decreased 1%, adjusted operating profit increased 4% on a constant-currency basis, and adjusted diluted EPS increased 6% on a constant-currency basis (FY2024).

General Mills offers a wide range of human and pet food products, including:

• Snacks: Grain, fruit, and savory snacks, nutrition bars, and frozen hot snacks.
• Ready-to-Eat Cereal: Various brands of ready-to-eat cereals.
• Convenient Meals: Meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees.
• Wholesome Natural Pet Food: Dry and wet pet food, and treats.
• Refrigerated and Frozen Dough: A variety of refrigerated and frozen dough products.
• Baking Mixes and Ingredients: Baking mixes and ingredients for various uses.
• Yogurt: Refrigerated yogurt products.
• Super-Premium Ice Cream: Premium ice cream and frozen desserts.

General Mills operates through four main segments:

• North America Retail: Includes ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory snacks, and a wide variety of organic products. Net sales were $12.47 billion in FY2024, down 1% year-over-year.
• International: Includes retail and foodservice businesses outside of the United States and Canada. Net sales were $2.75 billion in FY2024, down 1% year-over-year.
• Pet: Includes pet food products sold primarily in the United States and Canada. Net sales were $2.38 billion in FY2024, down 4% year-over-year.
• North America Foodservice: Includes foodservice businesses in the United States and Canada. Net sales were $2.26 billion in FY2024, up 3% year-over-year.

General Mills' strategy, called Accelerate, focuses on four pillars: boldly building brands, relentlessly innovating, unleashing scale, and standing for good. Key strategic initiatives include prioritizing core markets, global platforms, and local gem brands, and reshaping the portfolio through strategic acquisitions and divestitures. The company aims to achieve sustainable, profitable growth and top-tier shareholder returns over the long term.

General Mills operates in the highly competitive human and pet food industries. Key competitors include other manufacturers and retailers with their own branded products. The company competes based on product innovation, quality, price, brand recognition, marketing, and customer service. The food industry's growth potential is constrained by population growth, so General Mills focuses on growing faster than the population by enhancing its portfolio and increasing market share.

• Business and Industry Risks: Intense competition in the human and pet food categories, potentially impacting margins and profitability.
• Financial Risks: Volatility in commodity prices, currency exchange rates, and interest rates, which could affect profitability and financial results.
• Operational Risks: Potential disruptions to the supply chain due to various factors, including weather, climate change, natural disasters, cyber-attacks, pandemics, and war.
• Market Risks: Changes in consumer preferences and trends, and the inability to grow market share or add products in faster-growing categories.
• Legal and Regulatory Risks: Potential product recalls, lawsuits, administrative penalties, and civil remedies due to non-compliance with food safety and environmental regulations.