Kraft to Cut Jobs
Kraft Foods plans to close 20 plants and cut 8,000 jobs.
With 94,000 employees, the suburban Chicago-based company is the largest food manufacturer in the U.S., and the second largest in the world.
Kris Charles is a company spokesperson.
She says the cuts announced today are part of a restructuring plan to keep the company competitive.
""Thus far, we've announced our intention to close two production facilities, one in Broadmeadows Victoria, Australia, and the second in Hoover, Alabama, which is in the Birmingham area. Beyond that, we have no further specifics to announce at this point,"" she says.
Charles says the company will implement all 20 closings by 2008.
The cuts are expected to save $700 million a year.
Charles says the only product being cut is a small frozen pasta line made at the Alabama plant.