Catherwood LibraryILR School

Baked beans and ketchup maker Heinz is to cut 8 percent of its global workforce to free up cash for marketing and developing more than 100 new products. The Pittsburgh-based firm will shed about 2,700 jobs and close 15 factories in 2007 with five more at risk in 2008. It will also cut $145 million from what it spends securing premium shelf space and other in-store benefits.