US dairy giant Dean Foods said today (10 May) that it plans to cut up to 400 more jobs from its largest division, Fresh Dairy Direct-Morningstar.
The company, which also booked a 43% slump in quarterly profits today, said it would “eliminate” between 350 and 400 jobs in addition to the around 150 posts already cut this year.
Go deeper with GlobalData
Dean Foods has made clear its intention to cut costs this year but chairman and CEO Gregg Engles said the company needed to be “much more aggressive”.
“The cost reduction strategy we have been pursuing is our single most important area of focus,” Engles said. “We have discussed goals of US$90m in cost savings in 2010 and US$300m over three to five years. It’s now clear that we have to be much more aggressive in both the timing and magnitude of our efforts.”
Engles added: “Going forward, these efforts will include an increase in the scale of the initiatives we currently have underway, as well as an increase in the scope of those efforts across the business.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
