Biz Brief: Hershey to Lay Off 500 to 600 Workers

Updated

Hershey (HSY) is kissing off 500 to 600 workers at its Pennslyvania plant, as part of a restructuring program that aims to stir in greater efficiencies at the historic chocolate maker. Although the company announced the layoffs Monday, they had largely been expected, following a vote earlier this month by union members to agree to the cuts.

The company plans to pump in $250 million to $300 million to relocate its century-old facility to another Hershey location that will be expanded and enhanced with greater automation, hence the layoffs. The company expects to yield $60 million to $80 million in annual savings as a result of its Next Century program.

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