Skip to comments.Kraft Heinz Cuts 2,500 Jobs After Merger; No More Free Jell-O Either (Warren Buffett greed)
Posted on 08/12/2015 7:06:25 AM PDT by jimbo123
Kraft Heinz says it is cutting about 2,500 jobs as part of its plan to slash costs after the food companies combined.
Spokesman Michael Mullen says affected workers are in the U.S. and Canada and were to be notified in person. About 700 of the cuts were coming in Northfield, Illinois, where Kraft had been headquartered.
The company would not specify where other cuts were taking place but said that all the jobs were salaried. It said none of the job cuts involved factory workers.
The Kraft Heinz Co. said it had a total of around 46,600 employees before the cuts. That included about 1,900 in Northfield.
The job cuts are not surprising, given the reputation of the company's management on Wall Street.
The combination of Pittsburgh-based Heinz and Kraft earlier this year was engineered by Warren Buffett's Berkshire Hathaway and Brazilian investment firm 3G Capital, which has become known for its tight cost controls.
(Excerpt) Read more at nbcnews.com ...
Mergers always involve job reductions.
Privatize profits and socialize the costs. The normal crony capitalist model at work here. Nothing else to see. Move along sheeple.
Maybe Ketchup Boy, John Kerry will get all of the laid off employees jobs with Iran.
And Buffett is doing this with foreigners as his hitmen. He partnered with Brazilian firm 3G Capital do his dirty work.
How much Heinz stock does Lurch own?
Lurch is going to get much richer if he holds Heinz stock. The Brazilians at 3G are ruthless and always make tons of money for their investors after their takeovers.
none.... Berkshire owns it all
the concept of greed and crony capitalism and all that is just so much crap propagated by those that are at root anti business, anti capitalist.
What costs are being socialized?
Not announcing the other locations because I am sure they’ve lied their a*ses off to the usual assortment of Pittsburgh Democrats about keeping the jobs here. Don’t want to tick them off until after they’ve collected whatever government subsidy they are expecting.
The costs of unemployment, subsidized housing, food stamps, and for the lucky few, disability costs.
The costs of all the laid-off workers collecting unemployment, for starters.
And Heinz is responsible for that how?
Capitalism not tempered by a little Christian compassion and morality almost always deteriorates into a state favored model of crony Capitalism where profits are privatized and costs are socialized. That's why we had a Clayton and Sherman Anti-Trust acts which are no longer enforced. Same chapter different verse of the old Wall Street vs. Main Street thing.
Smart people buying companies that trade in food is always kind of scary...
It's sad you can't see the difference.
Capitalism not tempered by a little Christian compassion and morality almost always deteriorates into a state favored model of crony Capitalism where profits are privatized and costs are socialized.
Hmmm...who knew featherbedding was a Christian principle?
Cutting duplication and waste is fine, but that's not all that is happening here. The reduced competition resulting from approving this merger is already raising prices at the grocery store even though a key component (namely fuel prices) are falling.
There are also plenty of ways other than featherbedding to temper job losses, the Government Motors way, which does nobody any good. Moral companies provide outplacement services as just one example. They also make a reasonable attempt to place people internally where possible. They don't announce job cuts as it it is something to brag about to goose their stock price as clearly seems to be the case here.
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