Copyright tradingview
Hormel Foods HRL on Tuesday said it will cut about 250 corporate and sales jobs, or 1.25% of its overall workforce, in a bid to cut costs amid slowing profit growth due to high commodity costs. The Skippy peanut butter maker said it will offer early retirement to some non-plant employees and close open roles across its office-based workforce. The company expects to incur restructuring charges of $20 million to $25 million, mostly in the fourth quarter and the first quarter of fiscal year 2026. "We're directing resources toward technology, innovation, food safety and quality, and the capabilities — including people capabilities — that will shape our future," said Hormel President John Ghingo. As of October 27, 2024, the company had about 20,000 active employees, according to its annual report. The company has been grappling with persistent, higher-than-expected inflation in key commodity inputs and in August forecast lower-than-expected profit for the current quarter.
