ConAgra moving to Chicago, sets big job cuts

ConAgra Foods, the maker of Slim Jims, Peter Pan peanut butter, Orville Redenbacher popcorn and Chef Boyardee, is cutting 1,500 jobs and moving its headquarters from Omaha to Chicago. The restructuring won’t eliminate… On average, equities research analysts anticipate that ConAgra Foods will post $2.22 EPS for the current fiscal year. Those workers will be involved in research and development, supply chain management and a few key administrative functions.

ConAgra expects the restructuring plan to provide a modest benefit to fiscal year 2016 earnings.

ConAgra’s main office is in Omaha, but this morning they announced they’re moving to Chicago.

The progressions ought to make about $200 million in expense investment funds, with more than half of that acknowledged before the end of financial 2017, as indicated by ConAgra Foods.

ConAgra rivals including Campbell Soup Co and General Mills have cut jobs and costs as consumers shift to fresher products from processed items. Jobs in its plants will not be affected. The company also hopes the move will attract top talent in the consumer food business.

In mid-September, ConAgra reported a loss for the first quarter, weighed down by a hefty impairment charge at its Private Label operations that has been reclassified as discontinued operations due to the company’s plans to exit the business.

Omaha is also home to other major companies in different industries, such as Mutual of Omaha, Union Pacific, and Warren Buffet’s Berkshire Hathaway.

“We appreciate the strong support offered by both Mayor Rahm Emanuel and Governor Bruce Rauner during this process of evaluating a move to Chicago”. “We feel fortunate to have a meaningful relationship with two outstanding business centers”, concluded Connolly.

More from NET News: What does Wal-Mart have to do with ConAgra’s move into store brand foods? As ConAgra prepares for this transition, the Chamber will focus its efforts on those 1,000 employees who were displaced.

ConAgra joins a growing list of blue chip companies that have announced layoffs in recent months, including Kraft Heinz, Hewlett-Packard, Caterpillar, Halliburton, Whole Foods and Microsoft.