General Mills Inc., the packaged-food company grappling with stagnant growth, will eliminate 675 to 725 jobs in a bid to reduce administrative costs and position its international business for long-term growth.

The cuts, part of a restructuring plan called Project Compass, will eventually generate savings of $45 million to $50 million a year, the Minneapolis-based company said in a filing Thursday. As much as $30 million of that should be realized this fiscal year, General Mills said.

Like many packaged-food companies, General Mills is coping with sluggish sales and changing consumer tastes, forcing it to revamp the business. Earlier this week, the company announced plans to remove artificial flavors and colors from its full line of breakfast cereals.

Severance payments and other costs related to the job cuts will add up to $57 million to $62 million, the company said, with those expenses coming mostly this quarter.