The Kraft Heinz Company has announced plans to cut 2,500 jobs as part of its broad-reaching restructuring plan. The job cuts affect workers in the United States and Canada.
The company’s agreed to restructure their operations after completing a massive $46-billion merger of ketchup maker H.J. Heinz with Kraft Foods.
700 jobs will be cut from Heinz’s Northfield, Illinois headquarters. The company has not said where it will trim the fat from other divisions or geographies.
Heinz, backed by Warren Buffett’s Berkshire Hathaway Inc and Brazilian private equity firm 3G Capital, combined with Kraft earlier this year to create the third-largest North American food company.
When the massive food supplier is done restructuring it hopes to save $1.5 billion in annual costs by the end of 2017.