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Hershey To Cut 15 Percent Of Non-U.S. Workforce, Probably In China

February 28, 2017: 12:00 AM EST
In an effort to boost its operating profit to 23 percent within two years, Hershey Co. says it will cut 2,700 non-U.S. hourly workers, or about 15 percent of its global workforce. At the end of 2016, the company had 16,300 full-time and 1,680 part-time employees worldwide. Analysts expect many of the job cuts to occur in China. Overhead costs have climbed since Hershey acquired a candy company there in 2014, just as the country’s economy slowed and competitors began to set up shop. Like other confectioners, Hershey is struggling as the food preferences of U.S. consumers evolve. It has broadened its product line beyond candy in recent years, buying a beef jerky company and developing protein drinks. [ Image credit: © Hershey Co. / BusinessWire ]
Annie Gasparro, "Hershey Plans 2,700 Job Cuts to Boost Profits", The Wall Street Journal, February 28, 2017, © Dow Jones & Company, Inc.
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