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UPDATE 1-Kraft Heinz to close 7 plants, cut 2,600 jobs

Published 2015-11-04, 04:09 p/m
© Reuters. UPDATE 1-Kraft Heinz to close 7 plants, cut 2,600 jobs
KHC
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BRKa
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(Adds details, shares)
Nov 4 (Reuters) - Kraft Heinz Co KHC.O , the maker of
Jell-O and Heinz Tomato Ketchup, will close seven factories and
lay off about 2,600 employees in North America, a company
spokesman said.
The announcement comes less than three months after the
company, created when Warren Buffett-backed Heinz merged with
Kraft, said it would eliminate 2,500 jobs in the United States
and Canada.
Shares of Kraft Heinz, which currently has about 44,100
employees, closed about 1 percent lower on Wednesday.
"In a staged process over the next 12-24 months, production
in these locations will shift to other existing factories in
North America," Kraft spokesman Michael Mullen told Reuters.
Kraft Heinz will also move its Oscar Mayer processed meats
business to Chicago from Madison, Wisconsin, he said.
The company is also planning to move production from its
Davenport, Iowa, facility to a new location in the Davenport
area. It will move part of its cheese production from its
Champaign, Illinois, facility to other factories.
These production shifts will be completed in about two
years, Mullen said.
Heinz, backed by Buffett's Berkshire Hathaway (N:BRKa) Inc BRKa.N
and Brazilian private equity firm 3G Capital - known to be an
aggressive cost-cutter - combined with Kraft in a $46 billion
deal in March. urn:newsml:reuters.com:*:nL2N0WR2GF

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