Glanbia cuts 210 jobs in restructuring plan
8 March 2009 | 0
Food group Glanbia is seeking 210 redundancies as part of a cost-cutting plan. A spokeswoman said “the majority” of the redundancies, which would apply to 2,200 staff across Ireland, would be voluntary. However, she did not give a timeframe for the job losses.
The programme will create an exceptional cost of €16 million, although Glanbia was unable to say how large the expected savings would be once it is complete.
Glanbia also plans to cut capital expenditure and is reducing wage rates for senior management. John Moloney, Glanbia managing director and all other non-executive directors have taken a 10% pay cut while a 5% cut will apply to other senior management.
Moloney said the company is facing “one of the most difficult trading environments seen for many years” due to falling consumer demand and currency volatility.
Glanbia Consumer Foods had previously said it would cut 50 jobs following an operations review.