- Buffett, 3G in $28 billion deal for ketchup maker
- Job cuts follow management shakeup in June
- Company to maintain headquarters in Pittsburgh
“Our new organizational structure will simplify, strengthen and leverage the company’s global scale, while enabling faster decision making, increased accountability, and accelerated growth,” said Michael Mullen, a Heinz senior vice president.
The eliminated positions are all white collar jobs, with 350 layoffs to take place in Pittsburgh, where the company plans to remain headquartered. The cuts follow a June management shakeup that saw 11 top executives leave the company.
After the cuts are complete, the company will still employ about 6,000 people across North America, including 800 around Pittsburgh.
In February, Buffett and 3G revealed their plan to team up to buy Heinz for $23.2 billion of equity, plus debt. The deal was approved by Heinz shareholders on April 30 and closed in early June.