Japanese dairy foods manufacturer Meiji Dairies has said it aims to cut its workforce by 20% over the next three financial years.

Vice president of Meiji Dairies, Shigetaro Asano, who has been named president effective 1 April, said the planned layoffs would be completed by the year ending March 2006.

The company also announced that its current president Hisashi Nakayama is to become chairman, reported Dow Jones International News.