Business Services Industry
Kraft Foods to Cut 6,000 Jobs, Shut Down 20 Plants in New Restructuring Plan.
Knight Ridder/Tribune Business News, January, 2004
By Delroy Alexander, Chicago Tribune Knight Ridder/Tribune Business News
Jan. 28--NEW YORK -- Kraft Foods Inc. plans to cut 6,000 jobs, 6 percent of its work force, and shut down 20 plants in a three-year restructuring plan CEO Roger Deromedi unveiled to analysts on Tuesday.
Deromedi hopes his quick action, taken during sixth week on the job as the sole CEO of the largest U.S. foodmaker, will appease investors and analysts who have endured more than a year of sagging sales and earnings from the maker of Oscar Mayer meats, Oreo cookies, Maxwell House coffee and Planters nuts.
The latest disappointment came Tuesday, just before the analyst meeting, when the Northfield-based company reported fourth-quarter earnings dropped 7 percent, to...
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