Hershey announced Tuesday it will cut 15 percent of its global workforce, with the reductions coming mostly from hourly employees outside the United States.
The Pennsylvania-based maker of Reese's, Kit Kat and Twizzlers also cut its long-term sales growth forecast to between 2 and 4 percent, down from the previous 3 to 5 percent. Hershey, which gets the majority of its revenue from North America, attributed the lowered expectations to "changes in U.S. shopping habits" and challenges overseas.
The job cuts, which could amount to about 2,700 workers, are part of Hershey's plan to improve its operating profit margin over the next three years.
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