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BRIEFLY

Food

June 24, 1994|From Times Staff and Wire Reports

CPC Announces Pretax Restructuring: CPC International Inc., whose brands include Skippy peanut butter, Mazola and Karo, said Thursday that it will take a pretax restructuring charge of $227 million in the current quarter. CPC, engaged in the restructuring for several years, said the charge amounts to 92 cents per share after taxes. Chairman and Chief Executive C.R. Shoemate said, "The charge . . . recognizes the cost of additional restructuring activities around the world, which are being compressed into the next 18 to 24 months. . . . " Approximately 9% of the work force will be let go under the restructuring. The company sells its products in 55 countries.

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