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Wednesday, January 18, 2012

Kraft (KFT) Slashing 1,600 Jobs

With a split looming in the near future, Kraft Foods Inc. (NYSE:KFT) announced it will be cutting 1,600 job in North America.

These particular cuts will be in the sales, business and corporate units, but the company said they are still in the process of looking over its manufacturing business to see if they'll take any action there going forward.

Tony Vernon, executive vice president and president of Kraft Foods North America, said, "Making these tough choices is never easy, and we recognize the impact these changes will have on many of our people and their families. But our plan for a more nimble company, combined with the current economic and competitive pressures, led us to this point. Taking the necessary steps now will enable us to continue investing in our beloved brands to drive growth."

Vernon has been named CEO of the new grocery company emerging from the split of the giant food company.

Kraft said on Tuesday earnings for 2011 will come in at a minimum of $1.95 a share, and after adjusted costs, about $2.28 a share. Projected revenue are for $54.13 billion. Both figures are below analysts' estimates.

Kraft closed Tuesday at $38.13, gaining $0.36, or 0.95 percent.

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