Irish food group Glanbia today (19 November) hinted that it was considering future moves to rationalise its business, despite forecasting double-digit earnings growth for the year.
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Glanbia said in a trading update yesterday that it is undertaking a “significant” rationalisation programme across its businesses, which has already seen 40 job losses at the company’s milk business.
The cost of the programme, which will be reflected as an exceptional cost in the
current year, is estimated at EUR16m (US$20.20m).
“The nature of the manufacturing business is one of constant reorganisation and review,” a spokesperson for the company told just-food.
“The figure … covers a number of projects already announced – primarily in Ireland, such as in consumer foods, i.e., consolidation of liquid milk processing and also some rationalisation at Glanbia Ingredients Ireland and Agribusiness in Ireland,” the spokesperson said.
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By GlobalDataHowever, while declining to comment on the specifics of any future cost-cutting moves, the spokesperson added: “This figure allows for a number of other initiatives currently being considered.”
