Forbes magazine has named General Mills to its prestigious "The World's Most Innovative Companies" list. According to Forbes, the 100 global companies that appear on the list are selected and evaluated based on an "innovation premium" score, which measures the premium the stock market gives a company for anticipated or expected innovation.
"We're extremely honored to be recognized by Forbes as one of the most innovative companies in the world," said Peter Erickson, senior vice president of innovation, technology and quality at General Mills, in a prepared statement. "We are absolutely committed to driving innovation across all of the categories in which we compete. I see this honor as a strong endorsement of our employees' hard work and relentless pursuit of innovation in all aspects of our business around the world."
In the company's most recent fiscal year, new products generated 5 percent of U.S. Retail segment sales, including strong new product launches such as Fiber One 90-Calorie Brownies, Multi Grain Cheerios Peanut Butter and Nature Valley Protein bars. Outside the U.S., the company launched a number of successful new products, including Häagen-Dazs Secret Sensations ice cream in Europe.
This fiscal year, General Mills has a robust lineup of new product innovation planned across its portfolio and has already launched 100 new products globally, including Progresso Recipe Starters cooking sauces, Yoplait Greek 100 yogurt, Apple Cinnamon Chex, and Fiber One Chewy bars.
"Well beyond new products, General Mills' approach to driving innovation is a broad and holistic effort," said Erickson. "Innovation at General Mills is collaborative and connected and includes everything from building our iconic brands with today's on-the-go consumers, adding health benefits to products, improving productivity, boosting the company's environmental sustainability efforts, collaborating with retail customers, and seeking out new business opportunities and partners."
General Mills ranks 50th out of 100 global companies selected for the list. The full list of the "The World's Most Innovative Companies" and more information about its methodology are available at Forbes.com.