Date de l'article 2019-02-08

Image de : Food Dive

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 plants.

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."

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