WASHINGTON (dpa-AFX) - Hormel Foods (HRL) announced a corporate restructuring. The company has implemented a voluntary early retirement program for a portion of its non-plant workforce, is closing many open roles and will reduce certain positions across office-based workforce. The actions are expected to result in the reduction of approximately 250 corporate and sales positions.
In connection with the restructuring, the company expects to incur restructuring charges in the range of $20-$25 million. Most of the charges are expected to be incurred in the fourth quarter of fiscal 2025 and the first quarter of fiscal 2026.
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