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Mergers on menu for food and drink sector

2016-01-14 15:59:02| Agriculture - Topix.net

But for the growing number of consumers who are turning away from packaged food, the merger was a defensive one, aimed at addressing low sales growth by cutting costs in order to make two of America's best-known, but ultimately tired, brands more profitable. Saving $1.5bn a year, the merger will shed 5,000 jobs, or 10 per cent of the combined workforce, and close seven manufacturing plants.

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