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General Mills Raises Dividend By 8 Percent To 33 Cents

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(credit: CBS)

(credit: CBS)

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MINNEAPOLIS (AP) — Food maker General Mills says its board has approved an 8 percent increase to its dividend.

The Minneapolis-based maker of Cheerios cereal, Nature Valley granola bars and Hamburger Helper says its new dividend of 33 cents will be paid on Aug. 1 to shareholders of record as of July 10.

General Mills has one of the longest dividend histories in America. It and its predecessor company have paid shareholder dividends, without interruption or reduction, for 113 years.

Last month, General Mills said it would cut about 850 jobs as part of a plan to lower costs and boost efficiency. The company employed about 35,000 people across the world in fiscal 2011.

General Mills shares are down 19 cents to $38.23 in afternoon trading.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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