Fonterra cuts more jobs to lower costs
Fonterra reveals more cuts
New Zealand dairy giant Fonterra announced a further 227 job losses today (21 September) as part of its on-going business review, adding to the 523 job cuts announced in July.
Fonterra chief executive Theo Spierings said the cooperative had to make "tough decisions" to remain competitive in an environment of low global dairy prices.
"We will continue to fine-tune our organisation to ensure we best support the initiatives identified by our business review," he said.
The cuts come from across a number of areas of the business areas, including administration, sales – ingredients, consumer, marketing, research and development, communications, health and safety, food safety and quality, group resilience and risk, property, procurement and change management.
Spierings said savings generated by the business review, such as improving working capital, have already enabled the cooperative to support its farmers during "challenging market conditions".
Last month Fonterra warned that current global dairy prices are "unsustainably low" and starting to hit production levels.
Fonterra Brands (NZ) Ltd is expected to continue with its vision to provide natural sources of dairy nutrition for everybody, everywhere, every day....
New Zealand’s economy, which was previously labelled ‘rockstar’, suffered a correction in late 2015 with a sharp decrease in the exchange rate and global dairy prices....
With fortified/functional packaged food claiming 75% of overall health and wellness packaged food, it was common to find companies fortifying their products with nutrients as part of their innovation ...
The global fresh food market is expected to witness huge growth in terms of revenue by 2019, with a revenue projection of around $2000 billion....
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