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Campbell Soup Co. Will Cut Work Force by 2,800

From Reuters

Campbell Soup Co., the nation’s largest soup maker, said today that it will cut its work force by 2,800 as part of a major restructuring program.

The company, which has about 48,000 workers, said it will take a $344-million charge against profits in the fiscal year ended July 30.

Campbell said that internationally, the restructuring will include write-off of good will, establishment of reserves to eventually dispose of five older, less efficient plants, and administrative restructuring in several units.

Steps approved by its Board of Directors also included closing domestic plants in Camden, N.J., Pocomoke City and Crisfield, Md., and Smyrna, Tenn., the company said.

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The company has been a rumored takeover target since its chairman, John Dorrance, died in April, leaving his heirs with 58% of the company’s stock. However, analysts have put little credence in the takeover rumors.


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