Breaking News         Latest US News              New York News              Fx Tribune

3 Powerful Products That Will Help You Heal
HERSHEY, Pa. (AP) — Hershey Co. says it expects to cut its global workforce by about 15 percent, with the layoffs coming mostly from hourly employees outside the United States.The Pennsylvania-based chocolate company also lowered its forecast for long-term...

Hershey expects to cut 15 percent of global workforce

HERSHEY, Pa. (AP) — Hershey Co. says it expects to cut its global workforce by about 15 percent, with the layoffs coming mostly from hourly employees outside the United States.The Pennsylvania-based chocolate company also lowered its forecast for long-term...

Hershey expects to cut 15 percent of global workforce

HERSHEY, Pa. (AP) — Hershey Co. says it expects to cut its global workforce by about 15 percent, with the layoffs coming mostly from hourly employees outside the United States.

The Pennsylvania-based chocolate company also lowered its forecast for long-term sales growth to between 2 and 4 percent, down from the previous 3 to 5 percent, J.P. Morgan analyst Ken Goldman noted. Hershey says chief executive Michele Buck will have more to say when she briefs analysts in New York on Wednesday.

The maker of Hershey chocolate bars and other candies said the layoffs are part of a program aimed at improving the operating profit margin through a streamlined operating model and reduced administrative expenses. The company estimates it will incur pre-tax charges of up to $425 million over the next three years as a result of the plan, which includes the costs of closing plants and offices and other expenses related to the layoffs.

Hershey operates eight factories outside the U.S. As of December, Hershey employed approximately 16,300 full time and 1,680 part-time employees worldwide. A 15 percent workforce reduction would therefore represent about 2,700 employees.

Our editors found this article on this site using Google and regenerated it for our readers.

Breaking News Headlines

banner30
Women are More Likely than Men to Neglect Retirement Savings, Study Shows
Women are More Likely than Men to Neglect Retirement Savings, Study Shows
Harold Alfond Foundation Pays Off $685K in Student Loan Debt for 20 Maine Students
Harold Alfond Foundation Pays Off $685K in Student Loan Debt for 20 Maine Students
Mature, the only world leader who comes out in support of independence
Mature, the only world leader who comes out in support of independence
Evacuated a British Airways plane in Paris for a false alarm
Evacuated a British Airways plane in Paris for a false alarm
Arrested a second person for the London Metro bombing
Arrested a second person for the London Metro bombing
Riots in San Luis after the exoneration of a white policeman who killed a black
Riots in San Luis after the exoneration of a white policeman who killed a black
A white guard invents an African-American shooter to justify an accident with his own weapon
A white guard invents an African-American shooter to justify an accident with his own weapon
An Air Force one experience
An Air Force one experience
Rescinding the DACA Could Cost Employers $6.3 Billion
Rescinding the DACA Could Cost Employers $6.3 Billion
The Top 4 Things You Should Do If Charged With Driving Under the Influence
The Top 4 Things You Should Do If Charged With Driving Under the Influence
Dog Bites Owner and Woman at Reno Casino
Dog Bites Owner and Woman at Reno Casino
Charlottesville Suspect a Nazi Sympathizer, Known as Pro-Nazi
Charlottesville Suspect a Nazi Sympathizer, Known as Pro-Nazi
POLLS Results ALL
Who is the most powerful actor in Syria

banner31
Front Pages
  • The Sun
NEWS ARCHIVES