Heinz to close 5 factories, cut up to 1000 jobs;raised profit forecast

H.J. Heinz Co., the world’s biggest ketchup maker, raised its dividend and profit forecast as it plans to slash as many as 1,000 jobs worldwide.

The cuts amount to about 3 percent of its workforce, according to data compiled by Bloomberg. Five factories will close as part of the plan, the Pittsburgh-based company said today in a statement.

Chief Executive Officer William Johnson said today that the cutbacks will help improve efficiency and productivity. Heinz, whose products include Ore-Ida french fries and Lea &Perrins sauces, also raised its long-term outlook for per-share earnings growth to as much as 10 percent in constant currency, from a previous target of up to 9 percent.