Camden-based Campbell Soup Co., began offering buyouts to veteran salaried employees Monday as part of its previously announced plan to cut $200 million in expenses over the next three years.
Campbell filed a notice with the Securities and Exchange Commission, in which it referred to the February announcement of cutbacks.
"The program is available to certain U.S.-based salaried employees nearing retirement who meet the Program's age, length-of-service and business unit/function criteria," Campbell said in the SEC filing. "Employees who elect the program will receive enhanced separation benefits. The program is expected to be substantially completed by the end of fiscal 2015. Executive officers and other members of senior management are not eligible for the Program."
Campbell said it did not know which employees will take the offers so it could not estimate the savings now.