SPAIN: Deoleo confirms plans to cut 100 jobs
Deoleo said the move had been made in order to “obtain maximum efficiency” within the group
Spanish olive oil producer Deoleo has confirmed it will cut 100 jobs across its business.
The move will affect workers at Deoleo's main production facilities and its headquarters in Rivas Vaciamadrid in Madrid.
The two production facilities are located in Alcolea in western Spain and Andujar in the south of the country.
In a filing to the Madrid Stock Exchange, the company said the move had been made in order to "obtain maximum efficiency" within the group and "ensure future competitiveness".
Deoleo said it has started talks with employees and representatives to agree on when the jobs will be cut.
Kepler Capital Markets analyst Joaquin Garcia-Romanillos said: "This is the confirmation of what the press anticipated last week, thus it does not represent a great surprise. Still, its cost has not been provisioned for yet, as negotiations have just started."
Spanish olive oil producer Deoleo has sold its 50% stake in its Moltuandújar joint venture to partner Sovena, the Portuguese group....
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