- Ketchup giant HJ Heinz Co. doubled its projection for severance costs to $300 million following another round of job cuts.
- A filing released today shows 2,000 jobs targeted for elimination, up from the 1,350 announced by the company last month with the closure of plants in Florence, S.C.; Pocatello, Idaho; and Leamington, Ontario.
- Heinz is forecasting $250 million in annual savings from the cost-cutting measures.
The 2014 "productivity initiative" was announced three months ago with a projected $160 million in severance costs for 1,200 job cuts. The cost-cutting measure is part of new CEO Bernardo Hees' efforts to pay down $12.6 billion in borrowing.