In an effort to save money, ConAgra Foods announced Thursday that it will cut about 1,500 jobs and move its headquarters from Omaha, Neb. to Chicago.
The maker of Slim Jim, Peter Pan peanut butter, Orville Redenbacher popcorn and Chef Boyardee said the layoffs would only affect workers in the company's corporate offices worldwide and would have no bearing on its food production plants, according to Yahoo! News.
Through restructuring, ConAgra expects to save at least $300 million over the next few years, with more than half of that realized by the end of fiscal year 2017.
"It is critical that we run as lean and as efficient and as effective as possible," ConAgra spokesman Jon Harris said.
ConAgra now joins a growing list of companies that have announced layoffs in recent months as they attempt to save money, including Kraft Heinz, Caterpillar and Whole Foods.
ConAgra believes the move to Chicago will bring ConAgra to "the heart of one of the world's business capitals and consumer packaged goods centers," allowing it to attract and retain top talent, according to Fox Business.
Despite the move, the company intends to maintain a major presence in Omaha with 1,200 employees in local offices, according to CNN.
This move comes as ConAgra continues to struggle to make significant sales of its name brand products. Last month the company reported a first-quarter loss of $1.2 billion.
