Friday, June 02, 2006

Heinz cuts 2,700 jobs to fend off billionaire

The Guardian

By David Teather

HJ Heinz, the baked beans and ketchup company, yesterday said it plans to close 15 factories and cut 2,700 jobs, about 8% of its workforce worldwide.
The company said approximately 600 of the job losses would come from shutting four factories in Europe. [...]
The cost cutting is part of a package of measures designed to deflect pressure from the billionaire investor Nelson Peltz who has outlined his own plan for improving shareholder returns. He is aiming to get five of his allies on the Heinz board.


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