JOB LOSSES: Belts tighten as margins are squeezed
Several high-profile CPG companies including PepsiCo, General Mills and Coca-Cola have been reducing their workforce in recent months to offset inflation and alleviate pressure on profit margins, while high-profile players in the meat alternatives industry including Beyond Meat and Impossible Foods have also cut staff as sales slow down and investors look more carefully at costs.
Motif FoodWorks – best-known for its HEMAMI heme protein targeting plant-based meat cos – engaged in a round of layoffs over the summer, while Santa Barbara-based Apeel Sciences also laid off an undisclosed number of employees over the summer.
