Many know the former Nabisco/Kraft factory on Roosevelt
Boulevard by its cookie smell, or as the marker for the on-ramp to Interstate
95. And now its latest owner, Mondelez International, is reportedly taking the
highway south - all the way to a new factory in Mexico.
As many as 300 workers may be laid off, the Oreo maker told
employees yesterday in an emergency meeting, reports 6ABC.com. If true, that
means Philadelphia brand cream cheese may soon be the only remnant of the city
left in the company's holdings.
A call I placed to Mondelez officials this morning has yet
to be returned.
Mondelez split from Kraft last year. The company has since
found itself under pressure after stumbling in its first few quarters. Activist
investor Nelson Peltz of Trian Fund Management has been pushing for PepsiCo to
spin off its beverage business, then merge its remaining snack food business
with Mondelez.
In a call with analysts Thursday, CEO Irene Rosenfeld
largely blamed a double-digit sales decline in China business and on the
country's broader economic slowdown.
Source: Philly.com
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