Conagra cuts 100 jobs shuttering Pinnacle's Boulder office
Source Food Dive
As Conagra works to integrate Pinnacle, these layoffs shouldn't come
as much of a surprise. Since the massive acquisition, Conagra has been
shutting down Pinnacle offices and laying off groups of employees to
centralize work and cut down on costs.
Pinnacle's shareholders approved the acquisition
in October, and since then Conagra has been evaluating and integrating
its new business. Conagra announced in December it is closing two of
Pinnacle's New Jersey's offices, totaling more than 500 jobs lost. The
cuts are coming from Pinnacle's former headquarters in Parsippany and
an office in Cherry Hill. Both of these offices will be shuttered by the
end of this year.
Conagra said these latest cuts in Boulder will help better
integrate the two companies, since operations will be moved to the same
The acquisition was expected to strengthen Conagra's presence in
frozen foods and center store by adding well-known brands including
Duncan Hines, Birds Eye, Log Cabin, Vlasic and Wish-Bone. Conagra
recently overhauled some of its older frozen brands like Healthy Choice and Banquet, since frozen food in general has seen a resurgence.
While Pinnacle's brands bring Conagra more opportunity, President and CEO Sean Connolly, said in an earnings call in December that Pinnacle's "innovation and execution came up short," leading the company to results that he described as "highly disappointing."