Buffett-Backed Heinz Sees $160 Million Cost on Job Cuts
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HJ Heinz Co., the ketchup maker taken private by Warren Buffett’s Berkshire Hathaway Inc. and Jorge Paulo Lemann’s 3G Capital, expects about $160 million in severance-related expenses tied to job cuts.
About 1,200 employees are affected as part a plan to eliminate corporate and field positions worldwide, Pittsburgh-based Heinz said today in a regulatory filing. The company employed about 31,900 as of April 28, the end of its fiscal year.