03 December 1998
Kellogg slashes over 700 jobs
KELLOGG is axing more than 700 jobs in a bid to hold its premier position as the worlds largest cereal company.
It hopes to save US$105 million (£64m) from a rationalisation of its operations which will mean 500 jobs going at its head office.
Kellogg reported a 14% fall in after-tax profits in the first nine months of 1998 and warned that earnings for the year could be down by a fifth.
The companys problems stem from the decline in the US cereal market caused by a change in peoples breakfast habits.
- Financial Times 03/12/98 page 27