General Mills – Innovating in China For Growth
US food group General Mills has opened a new innovation, technology and quality center in China, just outside Shanghai. The state-of-the-art facility will focus on developing high-quality products for Chinese consumers including snacks, convenient meals, yogurt and super premium ice cream. Inside it will house centers for product research and development, food safety, food nutrition research, and food sensory evaluation.
“Our new technical center in Shanghai provides General Mills a tremendous opportunity to accelerate innovation in the Greater China region and better support this rapidly expanding business,” says Ken Powell, chairman and chief executive of General Mills. “By bringing our world-class capabilities to the region, we will increase our agility to act on emerging consumer trends, enable bigger and better innovation pipelines, and establish a food safety center of excellence for our business.”
China is one of General Mills’ largest growth markets and the company makes many products to appeal to consumers in the region. For example, General Mills’ Wanchai Ferry brand is the category leader in the dumpling segment. This year General Mills is introducing new seasonal varieties that feature high quality ingredients like shrimp and asparagus and corn and pine nuts.
Constant-currency net sales for China have grown at a 15% compound rate over the past four years, reaching over $700 million dollars in 2014. General Mills expects double-digit net sales growth from Greater China in the current financial year.
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Ken Powell, chairman and chief executive of General Mills is presented with a green vegetable by a dancing lion, a symbol of good fortune, during the opening ceremony at the new General Mills innovation center in China.
