News Summary: Kellogg to cut 7 pct of workforce

AP News
Posted: Nov 04, 2013 9:36 AM

JOB CUTS: Kellogg Co. plans to trim its global workforce by 7 percent over the next four years. It's also consolidating plants and taking other cost-cutting measures as part of a plan it's calling "Project K."

THE QUARTER: For its third quarter, the maker of Frosted Flakes and Eggo waffles said sales slipped in its flagship U.S. Morning Foods segment. The company has been struggling to boost cereal sales as Americans increasingly reach for foods that easy to eat on the go.

LOOKING AHEAD: Kellogg says it expects earnings per share for the year to be on the lower end of its previous forecast as a result of weaker-than-expected sales.