Hershey to Cut About 300 Jobs, Lowers 2015 Revenue Outlook : ABC News

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FILE - This July 25, 2011 photo shows Hershey's chocolate in Overland Park, Kan. Hershey announced Friday, June 19, 2015, that the company is expected to cut about 300 jobs by the end of the year as it looks to simplify its operations. 

Hershey is expected to cut about 300 jobs by the end of the year as it looks to simplify its operations. The candy maker also cut its revenue outlook for the year.

Its shares fell more than 3 percent in afternoon trading Friday. The company has approximately 22,000 employees globally.

The company did not specify where the job cuts would come from, but said manufacturing operations are not included in the plans.

"Removing cost and complexity from our business will make us more flexible to quickly react to changing consumer and competitive marketplace trends," Chairman, President and CEO John Bilbrey said in a written statement.

The chocolate and candy maker — whose brands include Reese's, Twizzlers and its namesake — said that it will face an estimated $100 million to $120 million in pretax charges related to the job cuts. It anticipates $65 million to $75 million in savings, mostly in 2016, and plans to reinvest part of the funds back into the business.                                                    http://abcnews.go.com/Business/wireStory/hershey-cut-300-jobs-lower...