Kraft Heinz announces 2,500 job cuts

Kraft-business-people re-el magazine

13 August 2015

Tags:business, business news  financial news, business finance, small business websites

Kraft Heinz has announced it is cutting about 2,500 jobs in the US and Canada following its recent merger.

A spokesmen said that about 700 of the jobs were going at Kraft’s headquarters in Illinois, but would not specify where else the cuts would land.

Executives hope to save $1.5bn in annual costs by 2017.

Kraft Heinz is the third largest food company in North America following the merger between Kraft and Heinz earlier this year.

The deal was engineered by Heinz’s owners, the Brazilian investment firm 3G Capital, and billionaire investor Warren Buffett’s Berkshire Hathaway.

It is thought the main job losses will be on the Kraft side of the business, as the company’s chief executive Bernardo Hees has already overseen cuts at Heinz.

The food giant owns brands including Jell-O, Heinz baked beans and Velveeta.

The merger was seen as attractive because it meant manufacturing and distribution could be combined saving millions of dollars a year.

In a statement, company spokesmen Michael Mullen said: “The new structure eliminates duplication to enable faster decision-making, increased accountability and accelerated growth.”

Tags:business, business news  financial news, business finance, small business websites





Busines see also….


Greek bailout deal agreed ‘in principle’

12 August 2015

Greek bailout-business-people re-el magazineGreece has agreed a bailout deal “in principle” with its creditors, the European Commission has said….read more



Google unveils surprise restructuring under Alphabet

11 August 2015

google-business-people re-el magazineGoogle has unveiled a surprise restructuring, creating a new parent company called Alphabet Inc. ….read more



China’s inflation rate rises to 1.6% in July, missing a government target

10 August 2015

chinafoodforinflationstories-business-people re-el magazineChina’s consumer inflation rate hit its highest level this year in July, but is still well below the government….read more



Luxury-Jet Duel Creates ‘Blingy’ Choice for Billionaire Buyers

9 August 2015

Jet-business people re-el magazineBillionaires will have their pick of business jets as Embraer and Cessna roll out shiny new models….read more



US economy adds 215,000 jobs in July

8 August 2015

us-business people re-el magazineThe US economy added 215,000 jobs in July, while the unemployment rate held at a seven-year-low of 5.3%….read more