Kraft Heinz drops Unilever takeover bid

Kraft Heinz to close plants and cuts jobs

Last updated: November 5, 2015

New York, US (BBN)-Food giant Kraft Heinz is closing seven factories and cutting 2,600 jobs in North America in an effort to reduce costs.
The cuts are in addition to the 2,500 workers in the region the company announced it would let go in August, reports BBC.
Wednesday's cuts will account for almost 6 per cent of its workforce and will take place over the next two years.
The two firms merged in a $46bn (£30bn) deal in July to create North America's third biggest food company.
The cutbacks are part of the new company's plan to save about $1.5bn in operating costs by the end of 2017.
Manufacturing plants in the US states of California, Maryland, New York, Pennsylvania and Wisconsin will be closed, along with one in the Canadian province of Ontario.
They account for nearly one-fifth of the company's 41 plants in the continent.
The maker of well-known brands such as Macaroni and Cheese Dinner and Heinz Ketchup also said it would close a nearly 100-year-old Oscar Mayer meat plant in Wisconsin and move the operations to Chicago.
The company is controlled by the Brazilian investment firm 3G Capital, which is known for trimming costs.
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