Hershey to cut 1500 jobs

Hershey Co. will cut 1,500 jobs, or about 11% of its work force, and reduce the number of production lines it operates by more than a third as it spends up to $575 million to overhaul its manufacturing. The largest U.S. chocolate maker also said it would outsource production of some products and would build a cost-efficient manufacturing plant in Monterrey, Mexico.

The moves come as the company looks to free up more money to spend on marketing as it tries to regain lost market share from archrival Mars Inc. When the overhaul is complete, production from North America and Canada will represent about 80% of the company's total, down from the current 90%, Hershey said.

(2007-03-01 12:17:44 SGT) [Biz] Permalink

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