Campbell Soup (NYSE:CPB) layoffs are a hot topic on Tuesday as the canned soup company announces plans to cut jobs as part of a reorganization.
Campbell Soup says that it’s restructuring its business to be more efficient. As a result, the company will be closing down an inefficient factory and moving operations. It says this will affect the jobs of 415 employees.
Starting that off is the closure of the Tualatin, Oregon factory that it acquired in 2017. The company notes that this will impact the location’s 330 workers. The first phase of layoffs will hit 120 of these workers. The goal is to close the plant down by July 2026.
Next is the company’s Jeffersonville, Indiana plant. It will be switching to specialize in tortilla chips. This change will happen in July 2024 and will result in layoffs for 85 Campbell Soup employees.
Campbell Soup Chief Supply Chain Officer Dan Poland said the following about the layoffs:
“To fuel growth and transform our manufacturing and distribution network, we must invest and further strengthen our supply chain […] By leveraging our best-in-class in-house capabilities combined with the expertise of trusted manufacturing partners, we will continue to make the highest quality products, with a more agile, flexible, and cost-effective manufacturing network.”
Campbell Soup Layoffs Include New Roles
Even with these layoffs, Campbell Soup says it will create 210 new roles at its factories. These will help with it changing to specialize at those facilities. It’s also expanding Goldfish production at its Richmond, Utah plant and will add 80 new roles as a result.
CPB stock is down 1.8% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
