PromoNews

Posted on by Chief Marketer Staff

WHITE PLAINS, NY – Nabisco Holdings Corp., seeking to turn around its flagging sales, will boost marketing and ad spending by 30 percent for its cookies and crackers including brands Ritz, Oreos, and Snackwell’s, the company said.

The restructuring effort also includes plans to eliminate 3,100 jobs or about 6 percent of its 52,400-person workforce. The company said it would close plants in the U.S. and overseas, including facilities in Argentina and Brazil. (Two years ago, Nabisco cut 8 percent of its jobs.)

“While we have made good progress on several fronts, our volumes, sales, and earnings for the first half are still stalled,” said president and ceo James M. Kitts. “These ongoing performance issues made it clear that the time for action was now.”

The company said that both moves are expected to “significantly reduce” Nabisco’s anticipated earnings for 1998. The company has previously said it expected this year’s growth to be flat.

The company’s announcement caused its stock to slip 12 percent to $40.50 last month. Analysts said the slump reflected a series of disappointments for shareholders. Company officials countered by saying the restructuring would save about $1 million a year.

PromoNews

Posted on by Chief Marketer Staff

CINCINNATI – Hasbro, Inc. announced plans to produce a new line of collectable die-cast cars, radio-controlled cars, games, and puzzles. All the new products will be NASCAR-licensed and are the result of Hasbro’s exclusive business alliance with Action Performance Companies, Inc., a leader in the design, marketing, and distribution of licensed motorsports merchandise.

Hasbro vp Steve McCamley says Action remains “vital to our strategy of creating and marketing the finest NASCAR-licensed products for the mass retail marketplace.”

Action Performance markets and distributes through a variety of channels, including the 135,000-member Racing Collectibles Club of America, trackside at racing events, mass retail department stores, and a nationwide wholesale network of approximately 5,000 specialty dealers and distributors.

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