General Mills plans expansion of its international business

MILWAUKEE General Mills has said that it plans to keep building its international business in order to avoid negative effects of the slow economy. Its international segment is its fastest-growing business at present, the company has said.

General Mills’ chief executive officer, Ken Powell, explained to the company’s shareholders that it will continue to grow brands such as its Haagen-Dazs ice cream business, Old El Paso brand Mexican foods and cereals and other staples such as Cheerios. He said that General Mills also plans to launch 300 new products in 2009.

Figures for the company’s international sales have doubled from $1.3 billion in 2003 to $2.6 billion in fiscal 2008, the company reported. That reflects growth of 21 percent over last year’s sales.