Campbell Soup plans to close two U.S. plants, eliminating more than 700 jobs, as it looks to trim costs and become more competitive.
The soup maker said Thursday that it will close a plant in Sacramento, Calif., that has about 700 full-time workers. It also plans to shutter a spice plant in South Plainfield, N.J., that has 27 employees.
The California plant is expected to close by July 2013, while the New Jersey plant is anticipated to close by March 2013.
Campbell Soup Co. currently has about 19,900 employees globally.
The Camden, N.J.-based company expects the closings to result in about $115 million in pre-tax costs. Its actions will also require approximately $27 million in capital spending.
Annual savings are predicted to be about $30 million starting in fiscal 2016.