Kellogg said Monday it plans to trim its global workforce by 7 percent by the end of 2017, with the breakfast foods maker citing weaker-than-expected sales for the year. The maker of Frosted Flakes and Eggo waffles said it expects earnings per share for the year to be toward the lower end of its previous forecast. According to FactSet, Kellogg has 31,000 employees, suggesting the company plans to cut about 2,170 jobs. Kellogg maintains a plant in Omaha. “Some employee notifications will take place this week,” the company said in a statement. Kellogg also said its cost-cutting measures, dubbed “Project K,” will include plant consolidations.
Twitter raises IPO price
Twitter’s IPO could now raise more than $2 billion. Twitter Inc. said in a regulatory filing that it now plans to price its shares at between $23 and $25 each. It previously planned to sell the shares for between $17 and $20 each. Twitter still plans to sell 70 million shares. If all of those shares are sold, the offering’s underwriters can buy an additional 10.5 million shares. At the $25 share price, Twitter’s market value would be around $15.6 billion.
Aircraft demand drives rise in factory orders
Orders to U.S. factories rose in September on a big jump in commercial aircraft demand. But businesses cut back sharply on machinery and other goods that signal their confidence to expand, signs of slower economic growth. The Commerce Department said Monday that factory orders increased 1.7 percent in September from August. That followed a 0.1 percent decline in August and a 2.8 percent plunge in July. The September gain was driven by a 57.7 percent jump in demand for aircraft.
Zoo CEO to speak at association meeting
Dennis Pate, CEO of Omaha’s Henry Doorly Zoo and Aquarium, will speak Nov. 21 at a 7 a.m. breakfast meeting of the Association for Corporate Growth, held at Happy Hollow Country Club, 1701 S. 105th St. Register by Nov. 18 at acg.org/nebraska/events.
— From staff and wire reports