Processing Magazine

Heinz to Cut Up to 1,000 Jobs

May 31, 2011

Bloomberg reports that H.J. Heinz Co. raised its dividend and profit forecast as it plans to slash as many as 1,000 jobs worldwide. The cuts amount to about 3 percent of its workforce, according to data compiled by Bloomberg. Five factories will close as part of the plan. Heinz, whose products include Ore-Ida french fries and Lea & Perrins sauces, also raised its long-term outlook for per-share earnings growth to as much as 10 percent in constant currency, from a previous target of up to 9 percent.