US cereal manufacturer Kellogg Co has said it expects to record a charge of US$6m in exit costs and asset write-offs for the second half of the year to 27 December for its snack plant consolidation in Australia.
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According to a report filed with the Securities and Exchange Commission, the company said the consolidation involves ending a lease for a facility and laying off 140 employees by the end of the year, reported Dow Jones News Service.
The Battle Creek, Michigan-based company, whose products include cereals and biscuits, also reiterated its net earnings guidance of $1.88 to $1.90 per share for 2003.
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