CONSUMER PRODUCTS

Borden to Eliminate 3,400 Positions: Borden Inc. said it will close 10 plants and cut 3,400 jobs in its second major reorganization in three years, reflecting stiff competition for the company identified with Elsie the cow. Borden, whose products range from Cracker Jack popcorn to Elmer’s Glue, said it intends to eliminate weak performers in its array of snack foods, dairy products and non-food consumer and industrial products. The company said closings will focus on North American snack production, U.S. dairy operations and European packing and industrial operations. To pay for the reorganization, Borden charged $642 million against third-quarter earnings, giving it a $376.8-million loss, or $2.68 per share. It made $98.8 million, or 67 cents per share, in the 1991 third quarter.