Kraft Heinz (KHC) Stock Closes Lower on Plant Closures
NEW YORK (TheStreet) -- Kraft Heinz Co. (KHC) - Get Report stock closed down by 0.8% to $75.82 on Wednesday afternoon, after the food company announced it will close seven North American manufacturing plants and cut about 2,600 jobs, CNBC.com reports.
The company plans to close plants in Fullerton, CA; San Leandro, CA; Federalsburg, MD; Campbell, NY; Lehigh Valley, PA; Madison, WI; and St. Marys, Ontario, Canada over the next two years.
The closures come after "an extensive review of the Kraft Heinz North American supply chain footprint, capabilities and capacity utilization," Michael Mullen, SVP of corporate and government affairs, said in a statement, CNBC.com added.
Additionally, Kraft Heinz will report its 2015 third quarter financial results after the market close on Thursday, making it the second quarterly report the company will release since closing the merger between Kraft Foods Group and H.J. Heinz Co. in July.
Analysts surveyed by Thomson Reuters have estimated for earnings of 62 cents per share on $6.7 billion in revenue.
Last year, Kraft Foods reported earnings of 74 cents per share on $4.4 billion in revenue for the third quarter of 2014.
Financial information for H.J. Heinz's 2014 third quarter is unavailable because the company was privately held since 2013.
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