Canned Soup Products Maker Campbell Cuts 415 Jobs: Details
Portfolio Pulse from Shivani Kumaresan
Campbell Soup Company (NYSE:CPB) announced a strategic revamp of its supply chain, including the closure of the Tualatin plant and changes at the Jeffersonville plant, impacting 415 jobs. The company will invest $230 million in newer facilities, creating 210 new roles. CPB shares closed 2.47% lower at $44.22.
May 29, 2024 | 9:59 am
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Campbell Soup Company (NYSE:CPB) is closing its Tualatin plant and revamping the Jeffersonville plant, impacting 415 jobs. The company will invest $230 million in newer facilities, creating 210 new roles. CPB shares closed 2.47% lower at $44.22.
The closure of the Tualatin plant and changes at the Jeffersonville plant will impact 415 jobs, which could lead to short-term negative sentiment. However, the $230 million investment in newer facilities and creation of 210 new roles may offset some of the negative impact in the long term. The immediate market reaction was a 2.47% drop in CPB shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100