B&G Foods cutting workforce
October 23, 2008
by FoodBusinessNews.net Staff
PARSIPPANY, N.J. — B&G Foods, Inc. has announced it is reducing its workforce by about 7.5%.
"We have been operating in one of the most challenging economic environments in the history of our company," said David L. Wenner, president and chief executive officer. "Although this was a very difficult decision, it was necessary in order to maintain the stability of our operating results for the remainder of 2008 and 2009. We have also been making every effort to raise prices and institute non-personnel related cost savings, but unfortunately the unprecedented cost increases we have experienced this year and expect to face next year required this action."
B&G expects the workforce reduction will save the company about $3.7 million on an annualized basis. The company also expects to record severance and termination charges of about $800,000 in the fourth quarter of 2008.
The company also announced Albert J. Soricelli, executive vice-president of marketing and strategic planning, is resigning. Vanessa E. Maskal, the current executive vice-president of sales, will take over Mr. Soricelli’s marketing roles.