(Reuters) - Campbell Soup (NYSE:CPB) on Tuesday said it plans to reduce the size of its Jeffersonville, Indiana site and close Tualatin, Oregon site, leading to 415 job cuts.
It added these changes are part of its ongoing efforts to strengthen growth, improve return on invested capital and boost manufacturing and distribution network.
The Goldfish crackers owner said it will close the Oregon facility in phases and expects to stop its operations by July 2026, with the first phase in August this year to impact 120 of its 330 employees.
The company said the Indiana plant will specialize in the Late July brand of tortilla chips and the production of kettle potato chips will be moved to its Charlotte plant in North Carolina and Hanover plant in Pennsylvania, which would lead to about 85 of 230 employees losing jobs after the change comes into effect in July this year.
Campbell also said it is making capital investments of about $230 million through fiscal 2026 at newer, more adaptable and efficient facilities in its network, which is expected to create 210 new jobs across the company.
Last year in July, the company announced plans to expand production of Goldfish crackers at its Richmond, Utah plant that is expected to be operational by the end of 2024.
Shares of the company, which had about 14,500 employees as of July 30 last year, were down about 2% in the morning trade.