Anheuser Busch Goes Light

Count Anheuser-Busch as the latest casualty on the value-pricing battlefield. Consumers are trading down from premium-brand products--such as Anheuser's Budweiser--and price competition is battering its bakery and Eagle Snacks units. So the $11.6 billion giant is taking a $565 million restructuring charge in its fiscal third quarter. That will cover 1,200 job cuts, or 10% of the salaried work force, as well as a salary freeze on all white-collar workers. Anheuser also is expected to close some Campbell Taggart bakery plants.

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