Bad time for biscuits

- Last updated on GMT

Related tags: Australia

Campbell Soup Co., the U.S. soup giant, said onWednesday that its
Arnott's biscuit unit in Australia will close its Melbourne plant
in September, 2002,...

Campbell Soup Co., the U.S. soup giant, said onWednesday that its Arnott's biscuit unit in Australia will close its Melbourne plant in September, 2002, as it tries to make its manufacturing network more efficient, Reuters reports. The company said it expects to incur pretax costs related to severance, asset write-offs and other one-time expenses of about $40 million. Those costs will be seen between the fourth quarter of fiscal 2001 and the fourth quarter of fiscal 2002. About $20 million of pretax charges will be recorded in fiscal 2001, which ends in July, the company stated. Campbell​ will invest about $30 million in three other Australian plants - in Sydney, Brisbane and Adelaide. Source: Reuters

Related topics: Market Trends

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