Kraft will pare 8,000 jobs, close 20 plants
Jan 31, 2006 9:25 AM, from staff and wire reports
As part of a restructuring begun in 2004, Northfield IL-based Kraft Foods Inc plans to cut 8,000 more jobs and shut 20 production plants worldwide. Kraft, the largest food producer in the United States, said the cuts would save it another $700 million in annual costs, in addition to $450 million in savings it already anticipates obtaining.
The 8,000 positions comprise roughly 8% of the company's 94,500-person workforce.
Kraft already had announced it would close 19 production plants and terminate 5,500 jobs. The firm said those actions are proceeding as planned, though its restructuring plans now include more downsizing.
The company also said it intends to reduce its brand portfolio by 10%.
© 2013 Penton Media Inc.