Del Monte profit plunges, to cut San Francisco jobs (15% Cut)

[RamboLiberal]

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/09/04/financial1103EDT0077.DTL&type=business

Del Monte Foods Co. on Thursday posted a 57 percent plunge in earnings for its latest quarter, reflecting expenses related to a merger.

The company also said it will lay off about 15 percent of its San Francisco-based positions. The work will be transferred to Pittsburgh, the company said.

Del Monte spokeswoman Tracy Greenberger said the company wouldn't provide the exact number of positions being phased out in the San Francisco headquarters. It is taking a charge of $2.8 million for termination benefits and retention bonuses.

Del Monte has about 8,500 year-round employees.

Posting to track the Whistle-Ass job loss figures.

[sandnsea]

1. Interesting

Del Monte, a company that I was surprised only went public a couple of years ago. During the IPO craze, Del Monte went public. I'd be interested for somebody who understands how to look at tax returns and financial statements to see if that has had a negative effect on Del Monte, or how they report their income, or anything like that. Because I don't know how a food company loses that much money in one quarter.