June 18, 2019 - 9:23 AM
BATTLE CREEK, Mich. - Kellogg Co. is cutting 150 salaried jobs across North America as part of the previously announced sale of its cookie and fruit snack businesses.
The Battle Creek-based company said Tuesday the action will result in pretax charges of approximately $35 million, including $20 million in severance and termination benefits.
Kellogg announced in April that it was selling its Keebler and Famous Amos cookie brands — as well as its fruit snack, pie crust and ice cream cone businesses — to Italy's Ferraro International for $1.3 billion.
That sale is expected to close at the end of July. Kellogg said its job cuts and staff reorganization will be complete by the end of 2020.
Kellogg's shares fell 1.5% to $55.69 in late morning trading.
News from © The Associated Press, 2019