Kraft Foods to Cut 1,600 Jobs Ahead of Plan to Split in Two
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Kraft Foods Inc., the food company planning to split in two this year, said it would eliminate 1,600 jobs and reported preliminary profit for 2011 that trailed some analysts’ estimates.
The job cuts will take place in North America through this year and about 40 percent are a result of reorganizing U.S. sales, the Northfield, Illinois-based company said today in a statement. About 40 percent of the cuts will come from corporate staff and 20 percent are vacancies that will remain unfilled, the company said.