Kraft Not Helping the North American Economy
Kraft Foods (NYSE:KFT) announced it will restructure its U.S. sales organization and cut 1,600 jobs in North America in 2012 as part of its plan to separate grocery and snacks businesses, according to a report from Bloomberg.
The sales realignment is responsible for about 40 percent of the job cuts, with organizations for both units expected to be in place by April 1, the report said. Unfilled positions account for 20 percent of the job cuts.
Here’s how Kraft is trading on the news:
Kraft Foods Inc. (NYSE:KFT): KFT shares recently traded at $38.15, up $0.38, or 1.01%. They have traded in a 52-week range of $30.21 to $38.27. Volume today was 7,423,469 shares versus a 3-month average volume of 8,124,890 shares. The company’s trailing P/E is 20.81, while trailing earnings are $1.83 per share.