P. M. BRIEFING : 550 Face Layoff at Pillsbury Co. HQ
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<i> From Times wire services </i>
MINNEAPOLIS — Pillsbury Co., now controlled by Britain’s Grand Metropolitan Plc, today said it plans to cut its headquarters staff here by 550 people, or 23%.
The layoffs are the first move by Grand Met to restructure Pillsbury, one of the best-known U.S. food and restaurant companies which it acquired in January in a deal valued at $5.7 billion. Following the layoffs, over the next several weeks, Pillsbury said it will employ about 1,800 people in Minneapolis and 100,000 worldwide.
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