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.
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.
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