General Mills To Add 150 New Products (See Photos)
General Mills is once again gearing up to debut a plethora of new products this summer, some of which are altogether novel, while others are variations of its existing brands.
General Mills said that the 150 new products are reflective of current food trends. For example, the Golden Valley-based food giant will roll out Chex Gluten Free Oatmeal, as well as “grain free granola” under the LÃ¤rabar Renola brand. Other planned products emphasize protein, including Cheerios Protein, new varieties of protein-rich Nature Valley granolas, and new flavors of Yoplait yogurt, such as lemon meringue and caffe mocha.
General Mills is also touting new “bold flavors,” including the Old El Paso Bold Nacho Cheese Taco kit and “Xtreme” Chex Mix flavors, including habanero lime and sweet and spicy sriracha. Other items will emphasize whole grains.
More indulgent snacks and deserts include Yoplait yogurts with Hershey candy “mix-ins,” “stuffed cookies” under the new Pillsbury Melts brand, and HÃ¤agen-Dazs Triple Sensations ice cream, which includes distinct layers of ice cream, crunchy toppings, and sauces.
Below is a slideshow of some of General Mills’ newly unveiled products. Or you can find a more detailed list on the company's blog.
Adding Products While Trying To Cut Costs
General Mills executives will discuss the new products and other growth plans at an investor event in New York on Tuesday. It’s typical of the company to unveil long lists of planned product releases; for example, in January, it announced 50 new products that were rolled out during the first few months of the year. Those debuts ranged from Nature Valley nut clusters to Cascadian Farm organic pea protein bars.
While many of the new releases constitute extensions of existing products, General Mills said that the additions are driving sales. For example, new products that debuted in its most recent fiscal year accounted for about 5 percent of overall sales.
But the items are also being introduced amid ongoing challenges. The company missed analysts' expectations as fourth-quarter sales slid 3 percent to $4.3 billion. General Mills said late last month that it launched a “formal review of its North American manufacturing and distribution network with the goals of streamlining operations and identifying potential capacity reductions.” The company aims to cut $40 million in pre-tax costs during this fiscal year.
When announcing General Mills' newest lineup of planned product introductions, Chairman and CEO Ken Powell emphasized the company's focus on consumer tastes.
“Everything we do starts with the consumer in mind and in fiscal 2015 we’re applying this consumer first mindset across our portfolio,” Powell said in a statement. “Through a deep understanding of our consumers—what foods they like, where they shop and how they like to cook—we are rapidly addressing their needs with products that offer relevant health news, increased convenience, superior taste and product quality.”