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kraft foods to cut 1,600 jobs ahead of plan to split in two

from bloomberg: Kraft Foods Inc. (KFT), the food company planning to split in two this year, said it would eliminate 1,600 jobs and reported preliminary operating earnings per share for 2011 that trailed some analysts’ estimates. The job cuts will take place in North America through this year and about 40 percent are a result of reorganizing U.S. sales, the Northfield, Illinois-based company said today in a statement. Kraft, the world’s second-largest food company, is splitting up to help the snacks business push products into emerging markets. Full-year profit excluding some items probably rose to at least $2.28 a share, Kraft said in a separate statement. The average estimate of 19 analysts surveyed by Bloomberg was $2.29. Kraft rose 1.4 percent to $38.30 at 11:34 a.m. in New York. The shares climbed 19 percent last year.

#PumpUpThaVolume: September 18, 2020