Campbell Soup to cut costs, 415 employees affected
By Steve Gelsi
Food giant to shut soup plant in Oregon, move potato chip production to other facilities
Campbell Soup Co. said Tuesday it plans to shut down an organic soup plant in Tualatin, Oregon and reduce staff at a site in Jeffersonville, Indiana, in cost-cutting moves that will affect 415 jobs.
Campbell Soup (CPB) said about 120 of 330 employees will be impacted in Tualatin in August, with plans to cease operations by July of 2026.
The company's Jeffersonville, Indiana plant will focus on production of Late July tortilla chips, while its kettle potato chips will be moved to company operations at two other plants.
About 85 of the Indiana plant's 230 employees will be impacted in July.
Campbell Soup said impacted employees will receive separation benefits and job placement services.
Campbell Soup said it would make $230 million in additional investments through 2026 in moves that will create about 210 new roles across the company including facilities in Maxton, N.C., Hanover, Pa., and Franklin, Wisc.
Campbell Soup Co. stock was down by 2.2% in recent trades.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-28-24 1112ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations