J.M. Smucker Co on Wednesday said it would cut about 700 jobs, or 15 percent of its workforce, as it plans to revamp its supply chain in a bid to boost profitability of its leading brands.

The company also said it would incur restructuring charges of about $190 million over a five-year fiscal period, of which $10 million will be taken in the fourth quarter of 2010.

Smucker, known for its peanut butter, jelly and coffee, said it will streamline its coffee and fruit spread manufacturing network.

As a result of these initiatives, manufacturing facilities in North America will be reduced to 18 from 22, the company said.

The company, which sells food and beverages under the Folgers, Dunkin' Donuts, Jif and Pillsbury brands among others, also expects annual cost savings of about $60 million when the initiatives are fully implemented.

Smucker shares were up slightly at $61.18 on the New York Stock Exchange.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Vinu Pilakkott)