Spanish baker Panrico has reached an agreement with unions that will safeguard the future of its Valladolid facility in north-central Spain.
Panrico said it has signed a preliminary agreement for the continuation of production at the plant, which has involved the agreement of a 12.5% reduction in wages and longer working hours for its 200 staff employed at the facility.
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“Panrico again reiterates that its primary objective remains to ensure the survival of the group, at a time of consumption market downturn, which has directly affected sales of the company’s brands,” the company said today (31 October).
The request is part of a restructuring plan being undertaken by the firm in order to gain profitability. In May, Panrico announced plans to close its production facility in Seville in a bid to “remain competitive”, resulting in 197 job losses.
In July the firm closed a bakery in Stantiago, and last month announced plans to restructure the group’s industrial operations and reduce its cost structure, focus on higher value-added brands and improve management at the point of sale.
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By GlobalData
