Kraft Foods to Eliminate 8,000 Jobs
By MIKE COLIAS, AP Business Writer
Mon Jan 30, 6:00 PM ET
CHICAGO - Kraft Foods Inc., the nation's largest food manufacturer, said Monday it would eliminate 8,000 more jobs, or about 8 percent of its work force, and close up to 20 production plants as it broadens an ongoing restructuring effort.
Kraft said the cuts would save an additional $700 million in annual costs, atop a targeted $450 million in savings it already had hoped to achieve through a restructuring that began in January 2004.