Heinz Raises Profit Target, Plans to Cut Jobs (800-1,000)

[OhioChick]

Heinz raised its long-term earnings growth target on Thursday, due in part to a plan that includes closing five factories and cutting up to a thousand jobs.

The ketchup maker also reported lower-than-expected fiscal fourth-quarter profit and issued an upbeat forecast.

Heinz plans to spend $160 million, or 35 cents per share, on initiatives to improve its manufacturing efficiency. The plan includes closing two factories in Europe, two in the United States and one in the Pacific region, leaving it with 76 factories globally. The closures will mean the loss of 800 to 1,000 jobs, it said. It will also set up a European supply chain hub in the Netherlands.

Like most food companies, Heinz has been looking for ways to cut expenses as it faces higher costs for a host of raw materials from packaging to fuel.

More: http://www.cnbc.com/id/43178988

[delunapark]

1. I Don't

Buy their products. Hunts ketchup is better and Mount Olive pickles and peppers are my favs. :)

[xchrom]

2. Recommend

[Donnachaidh]

3. uhh, Senator Kerry -- speak to your wife Dude.

Seriously - WTF?

[blm]

6. The Heinz family hasn't owned the company for years. Teresa handles the Heinz Foundation Charities.

.

[Donnachaidh]

7. she has nothing to do with the board? n/t

[blm]

8. No. And, iirc, there was also a takeover of the board in 2008, I believe.

.

[madrchsod]

4. i buy my ketchup from two companies.. red gold from indiana and...

brooks in illinois.

[amborin]

5. k and r

[Initech]

9. Yup - raising the bucks by screwing the workers. What a great business plan.