Kraft axes 6,000 jobs, shuts factories
<font color=maroon>Kraft Foods Inc. announced it will axe 6,000 jobs, or six percent of the staff, and close up to 20 factories in a global turnaround plan expected to cost 1.2 billion dollars.</font>
sg.biz.yahoo.com
<font color=maroon>Under the new "sustainable growth program", Kraft said it would cut 6,000 jobs and exit or close up to 20 factories worldwide over three years. First targets are plants in Canton, New York; Farmdale, Ohio, and central Europe.
About 1,300 jobs in North America would be shed in the first quarter of this year, the group said.
Most of the 1.2 billion dollars in pre-tax costs -- the bulk of which was for asset write-offs and employee severance costs -- would be incurred in 2004 and 2005.</font>
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