MINNEAPOLIS — The board of directors of General Mills, Inc. has declared a 4c increase in the quarterly dividend rate to 47c per share, payable Aug. 3, to shareholders of record as of July 10. The new annualized rate of $1.88 per share represents a 9% increase over dividends of $1.72 per share paid out in fiscal 2009.

"Strong and growing cash dividends are an important component of General Mills’ total return to our shareholders," said Ken Powell, chairman and chief executive officer. "The 9% increase announced today is a reflection of our company’s robust financial condition and excellent future growth prospects."