Massive Food Company Is Now Closing A Plant in Oregon

A massive food company is now closing a plant in Oregon, resulting in the loss of more than 330 jobs according to sources.

Campbell Soup said it is closing one plant and reducing the size of a second facility.

It’s also investing $230 million through fiscal 2026 in newer, more efficient plants as it aims to improve the competitiveness of its supply chain, reports Manufacturing Dive.

The soup and snacks maker is shuttering its Tualatin, Oregon, location where it makes Pacific’s organic soup, broth and plant-based beverages.

The closure will happen in phases, with the plant ceasing operations by July 2026.

Campbell said a total of 330 workers will be impacted by the layoffs in Oregon.

The packaged food company also plans to focus production at its Jeffersonville, Indiana, plant on Late July tortilla chips and move kettle potato chip production to other facilities.

The change will affect a total of 85 positions.

As companies look to overhaul their supply chains to boost efficiencies and increase production while cutting costs, Campbell is the latest to make sweeping changes to its network.

“To fuel growth and transform our manufacturing and distribution network, we must invest and further strengthen our supply chain,” said Dan Poland, Campbell’s chief supply chain officer.

“We will continue to make the highest quality products, with a more agile, flexible, and cost-effective manufacturing network.”

The company said it will make investments in its Maxton, North Carolina; Hanover, Pennsylvania, and Franklin, Wisconsin plants.

The changes will create a total of 210 new roles.

Campbell also plans to increase production of its Goldfish crackers in Richmond, Utah, by 50% by the end of 2024.

This will create 80 new roles at the site.

He added that Campbell continues to “evaluate optimization opportunities” to develop its “supply chain of the future”.

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Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

Market News Today - Massive Food Company Is Now Closing A Plant in Oregon.
Market News Today – Massive Food Company Is Now Closing A Plant in Oregon.

Applications for unemployment benefits now surge to new highs, a sign that the white-hot labor market is starting to cool off.

First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, per CNN.

Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.

That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.

The latest numbers come less than a week after the monthly jobs report showed the US economy added just 175,000 positions in April, less than economists expected and a steep drop-off from prior months.

US employers have now added an average of 245,500 jobs per month, versus 2023’s 251,000-per-month average.

Still, hiring remains strong. Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.

Weekly jobless claims data tends to be volatile but, while one week’s worth of data “does not a trend make,” said Chris Rupkey, chief economist at Fwdbonds.

“We can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”

Company layoffs are picking up, hinting at caution on the part of companies as they weigh the outlook for the second half of the year,” he wrote in a note Thursday.

The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.

While the labor market has so far resisted those efforts, remaining white hot for the past 18 months despite 11 rate hikes from the central bank, Fed Chair Jerome Powell said last week that demand has “cooled from its extremely high level of a couple of years ago.”

Ian Shepherdson at Pantheon Economics said in a note Thursday: “We’d need to see at least a month of elevated readings to convince us that the trend really has turned.”

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Virginia

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Market News Today - Massive Food Company Is Now Closing A Plant in Oregon.
Market News Today – Massive Food Company Is Now Closing A Plant in Oregon.

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