Campbell Soup Co. has revealed more than 470 domestic staff have decided to accept the US group's offer to take voluntary redundancy.
The company said 471 workers had elected to take part in its "voluntary employee separation programme". The scheme was announced in March as part of Campbell's plans to reduce costs and streamline the business.
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A month earlier, Campbell said it had identified ways of reducing its overheads by US$200m beyond its ongoing productivity measures, or 2-3% of its annual sales. That announcement came a week after it had cut its forecast for annual earnings.
Campbell said it offered redundancy to workers were "nearing retirement who met the programme’s age, length-of-service and business unit/function criteria". Most of the staff will leave by the end of July.
In an SEC filing today (6 May), Campbell said the it would incur pre-tax costs of around US$110m from the programme. It expects to run up the majority of these costs in the fourth quarter of its 2015 financial year.
