General Mills

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General Mills (NYSE: [GIS]) is a Fortune 500 corporation, mainly concerned with food products, which is headquartered in Golden Valley, Minnesota, a suburb of Minneapolis. The company markets such brands as Betty Crocker, Progresso, Yoplait, and Pillsbury, as well as numerous well-known breakfast cereals (see below).

Contents

1 History
2 Corporate governance
3 Brands and products

3.1 Breakfast cereals
3.2 Other
3.3 Former brands

4 External links

History

The company can trace its history to the Minneapolis Milling Company, an organization founded in 1856 by Cadwallader C. Washburn which leased power rights to mills operating along Saint Anthony Falls on the Mississippi River. His brother William D. Washburn also assisted in the company's development. In 1866, the Washburns got into the business themselves, building the Washburn "B" Mill at the falls. At the time, the building was considered to be so large and output so vast that it could not possibly sustain itself. However, the company succeeded and in 1874 he built the even bigger Washburn "A" Mill.

In 1877, the mill entered a partnership with John Crosby to form the Washburn-Crosby Company. A year later, the "A" mill exploded, killing 17 workers and also demolishing several nearby buildings. The mill was rebuilt and continued to operate for several decades. In the 1920s, the company stepped in to take over a failing Twin Cities radio station, renaming it WCCO.

General Mills was created in 1928 when Washburn-Crosby President James Ford Bell directed his company to merge with 26 other mills.

In 1970, General Mills acquired a five-unit restaurant company called Red Lobster and expanded it nationwide. Soon, a division of General Mills titled General Mills Restaurants developed to take charge of the Red Lobster Chain. In 1982, General Mills Restaurants founded a new Italian themed restaurant chain called Olive Garden. General Mills spun off its Restaurant division in 1995 into Darden Restaurants.

In 1988, General Mills sold General Mills Specialty Retail Group, which was the parent company of both Eddie Bauer (sold to Spiegel, Inc.) and Talbots.

In 1990, General Mills and Nestlé started a 50/50 joint venture called Cereal Partners Worldwide to market breakfast cereals for both the United States and Europe. CPW distributes cereals manufactured by both companies under the Nestlé brand name.

In 2001, the company purchased Pillsbury, although it was officially described as a "merger." While many of the Pillsbury-branded products are still manufactured by General Mills, some products had to be sold off to allow the merger since the new company would have held a very strong monopoly position. However the Diageo group of companies still stands strong without Pillsbury.

In October of 2004, the General Mills monster-themed triple pack breakfast cereals were introduced in supermarkets and wholesale retail stores, featuring Boo Berry (blueberry-flavoured), Count Chocula (chocolate-flavoured), and Franken Berry (strawberry-flavoured).

In late 2004, the company transitioned its entire breakfast cereal line to whole grain due to scientific research showing the positive impact consuming whole grains has on individuals' health. Also, in 2004, General Mills was named one of the 100 Best Companies for Working Mothers by Working Mothers magazine.

Corporate governance

Current members of the board of directors of General Mills are: Paul Danos, William Esrey, Raymond Gilmartin, Judith Hope, Heidi Miller, Hilda Ochoa-Brillembourg, Steve Odland, Michael Rose, Robert Ryan, Stephen Sanger (chairman), Michael Spence, and Dorothy Terrell.

Brands and products

Breakfast cereals

Other

8th Continent
Betty Crocker
Bisquick
Bugles
Cascadian Farm
Diablitos Underwood (Venezuela only)
Forno de Minas
Frescarini
Fruit Snacks
Gardetto's
Gold Medal Flour

Gold Medal Flour factory in Minneapolis.