Wednesday, February 21, 2007

Kraft says up to 8,000 jobs cut

By ASHLEY M. HEHER, AP Business Writer Tue Feb 20, 10:51 AM ET

The head of Kraft Foods Inc. said Tuesday that as many as 8,000 jobs could be cut as part of a plan to help the world's second-largest food and beverage maker revive its slumping sales.

Kraft says it may eliminate up to 9 percent of its work force and exit up to 20 production facilities, according to a document outlining the plan.

Since 2004, Kraft has eliminated 5,500 jobs.

Kraft says the restructuring program will include one-time pretax costs of $2.5 billion and it expects the cuts to save the company about $700 million.

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