U.S. food company General Mills has announced that it is closing its Brazilian pasta and bread businesses resulting in a loss of 500 jobs.
By Ellie Duncan
The closure is part of the company’s restructuring plans as it looks to concentrate on its other faster growing businesses in Brazil.
As a result, General Mills will stop producing and marketing Forno de Minas and Frescarini brand products.
The 500 employees affected by the decision include staff at its production facility in Contagem, MG.
Commenting, Pablo Pla, Managing Director of General Mills Brazil said: “This will allow us to increase investment in our focus areas, including expansion of our fast growing Häagen-Dazs super-premium ice cream and Nature Valley granola bar businesses in Brazil.”
The company added that both the Forno de Minas and Frescarini brands could be “attractive” for other companies with synergies in the dough business. General Mills acquired the brands with its acquisition of the Pillsbury Company in 2001.