Sector News

Kraft Heinz to eliminate 400 jobs

August 15, 2019
Food & Drink

Kraft Heinz Co. plans to eliminate 400 jobs this year as part of global restructuring programs.

In an Aug. 13 filing with the U.S. Securities and Exchange Commission, Kraft Heinz said 100 of the jobs were eliminated in the first quarter of 2019. Another 100 were eliminated in the second quarter.

“We have restructuring programs globally, which are focused primarily on workforce reduction and factory closure and consolidation,” the company said.

Kraft Heinz said the restructuring programs resulted in expenses of $27 million during the three months ended March 30, including $1 million of severance and employee benefit costs, $9 million of non-cash asset-related costs, $15 million of other implementation costs and $2 million of other exit costs.

Kraft Heinz’s restructuring program is expected to cut 1,800 hourly positions worldwide. Approximately 1,400 of the job cuts took place in 2018, primarily in Europe, Asia, Canada and other locations outside the United States.

Shares of Kraft Heinz have been on a downward slide since the company reported weak second-quarter earnings on Aug. 7. In early morning trading on Aug. 14, the company’s share price dipped to a record low of $25.28.

By Eric Schroeder

Source: Food Business News

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