Kellogg Co. said on Tuesday it would cut about 150 jobs and take a $35 million hit to trim its North American operations following the sale of Keebler biscuits and a handful of other brands for $1.3 billion in April.
The announcement, small in scale for a company that employs around 34,000 globally, is a month after similar steps in Europe aimed at streamlining Kellogg's operations and focusing on core businesses.
Kellogg, like other packaged food companies, has struggled with surging expenses owing to higher transportation and raw material costs, while consumers have shifted to trendier more health-focused upstart brands.
The company's shares (K) lost around 10% of their value last year and are down by more than a third from peaks hit in mid-2016.
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[Flashback: #DumpKelloggs: Breakfast Brand Blacklists Breitbart, Declares Hate for 45,000,000 Readers]
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6 comments:
True story...John Harvey Kellogg and his brother, Will Keith Kellogg, were both obsessed with poop. The ran a sanitarium in Battle Creek, Michigan, and corn flakes came about as a way to make people poop more efficiently. Weird but true.
It's hard to believe that people are still eating those crap breakfast cereals after all these years.
Processed garbage.
dittos 8:56
Entire grocery shelve aisles are devoted to the products and the many who were brought up to believe in them as a source of good human nutrition.
I too was brain washed by TV commercials
So sad
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