Cereal maker Post to move HQ from Missouri to Minnesota
ST. LOUIS (AP) - Post Holdings said it is merging two of its cereal businesses, moving its headquarters from St. Louis to Minnesota and closing a New Jersey office, affecting about 200 employees.
Post said Friday it will offer affected employees severance and transition assistance. The company didn't specify how many St. Louis workers would be impacted.
Post expects to incur $27 million to $30 million in employee severance, retention and relocation payments as part of the relocation. The company said consolidating its Post and MOM Brands cereal business it is buying will save about $50 million.
The company plans to close an office in Parsippany, New Jersey, within a year.
Post cereal brands include Honey Bunches of Oats and Grape Nuts. MOM Brands makes ready-to-eat cereals and hot wheat and oatmeal products.