Kraft shake-up will see 2,500 jobs go

US-based Philip Morris, whose interests encompass food and tobacco, is to cut 2,500 jobs at its struggling Kraft Foods International subsidiary. The redundancies, which represent 8% of Kraft’s workforce, will be staggered over the next three years, forming part of a major restructuring programme.
Kraft, whose product portfolio includes Philadelphia cream cheese, reported an 11% decline in operating profits to $260 million in the third quarter of the last financial year. The restructuring will also entail the sale of or departure from non-core operations and the closure of manufacturing plants, Philip Morris told the Financial Times newspaper.
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