Kellogg restructures and cuts 150 jobs
According to Reuters, Kellogg has announced it will cut about 150 jobs and take a $35 million hit to trim its North American operations following the sale of Keebler biscuits and a handful of other brands for $1.3 billion in April.
According to Reuters, Kellogg has announced it will cut about 150 jobs and take a $35 million hit to trim its North American operations following the sale of Keebler biscuits and a handful of other brands for $1.3 billion in April.
The announcement comes one month after similar steps in Europe aimed at streamlining Kellogg’s operations and focusing on core businesses. The company’s shares lost around 10% of their value last year and are down by more than a third from peaks hit in mid-2016.
“This transaction will result in a smaller, more focused (North American) portfolio with fewer brands ... requiring a simpler, more agile, and rightsized organization,” said Kris Bahner, senior vice president for Global Corporate Affairs.
The company expects the restructuring moves in Europe and North America to be completed by end of 2020.