Dutch food and nutrition group Royal Numico has said it will close seven of its 16 European baby nutrition facilities, leading to the loss of 525 jobs and an €88m (US$99.8m) restructuring charge.
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Numico, which is struggling to recover from its unsuccessful attempt to become a major player in the vitamins market, said the restructure of its core baby nutrition unit would focus on plants that offer the best cost structure and the potential to increase volumes, reported Dow Jones News.
Numico said around €70m of the restructuring charge would be booked in the second quarter and the remainder in 2004 and 2005. Cost saving are estimated at €35m in 2006.
