HEINZ TO CONTINUE STREAMLINING AFTER EARNINGS REPORT

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Although H.J. Heinz Co.'s third-quarter earnings rose slightly vs. the same period a year ago, the company's tuna and pet-food sales in North America fell 2%, sparking efforts to streamline those businesses.

Among its plans to "reduce global overhead," Heinz will lay off roughly 1,900 workers when it shuts down a Puerto Rican tuna operation and consolidates pet-food productions.

Meanwhile, sales of ketchup, condiments and sauces rose more than 9% in North America, in part due to the launch of new EZ Squirt ketchup. Heinz Chairman, President and CEO William Johnson said that savings gained from its ongoing restructuring program will result in the addition of $100 million to its $1 billion annual global marketing budget.

Copyright March 2001, Crain Communications Inc.

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