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Andre Damon – Mass layoffs worldwide as corporate mergers near new record

Major transnational corporations, including Kraft, Motorola, Lenovo, Tyson and HTC have announced mass layoffs in recent days amid a boom in mergers and acquisitions, which are on track to hit a record this year.

Processed foods maker Kraft Heinz Co said Wednesday that it would cut 2,500 jobs in North America, amounting to 5 percent of its global workforce. The announcement is the result of last month’s $49 billion merger between Kraft and H.J. Heinz Co, in a deal orchestrated by Warren Buffett’s Berkshire Hathaway.

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