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If the sale closes, the buyer has plans to produce pet food, invest in the facility, and bring jobs to Independence.

Layoffs took effect today for more than 200 employees at the Blue Buffalo plant in Independence.

"We don’t really expect a huge rebound in our pet business for the rest of this year," said General Mills CEO Jeffrey Harmening.

More than 200 employees of the General Mills Blue Buffalo plant in Independence will face layoff by the end of this year.

General Mills Board of Directors Declares Nine Percent Dividend Increase Full Year Highlights Net sales of $20.1 billion increased 6 percent from the prior year; organic net sales1 were up 10 percent Operating profit of $3.4 billion was down 1 percent; adjusted operating profit of $3.46 billion was up 8 percent in constant currency Diluted earnings per share (EPS) of $4.31 was down 2 percent from the prior year; adjusted diluted EPS of $4.30 was up 10 percent in constant currency Fourth Quarter Highlights Net sales of $5.0 billion increased 3 percent; organic net sales increased 5 percent Oper...