B&G Foods, the US food maker, is to slash its workforce by 7.5% in a bid to cut costs.
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The company said yesterday (22 October) that “unprecedented cost increases” this year and on the horizon meant it had been forced to axe jobs despite raising prices and cutting costs elsewhere in the business.
On a pre-tax basis, B&G said it expects the job cuts to save the company around US$3.7m annually. It expects to record severance and termination charges of around $800,000 in the fourth quarter.
B&G president and CEO David Wenner said: “We have been operating in one of the most challenging economic environments in the history of our company. Although this was a very difficult decision, it was necessary in order to maintain the stability of our operating results for the remainder of 2008 and 2009.”
B&G also announced the resignation of Albert Soricelli, executive vice president of marketing and strategic planning.
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By GlobalDataVanessa Maskal, currently executive vice president of sales, will assume Soricelli’s duties in the new role of executive vice president of sales and marketing.
