Spanish bakery giant Panrico said today (3 July) that it will dismiss 60 of 110 workers from its croissant factory in Tuesta, Spain.

In a statement, the Apax-owned company said it will pursue the redundancies through early retirement, voluntary leave and job transfers. Most trade union reps have endorsed the agreement, it added.

The move comes as Panrico, which makes Spain's popular "Donuts" doughnut, is immersed in a restructuring aimed at doubling net sales to EUR1bn (US$1.28bn) by 2011.To achieve this, the company has been downsizing, selling assets and concentrating its operations in Spain and Portugal.

Tuesta's agreement "guarantees and confirms the company's commitment to fulfill its strategic plan based on future profit growth," Panrico's Chief Executive Joan Cornudella said.

The Tuesta factory makes croissants and palmeras de chocolate, a chocolate-covered heart-shaped pastry.