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27/10/2003
Cadbury to cut 10% of its workforce
Up to 5,500 jobs are to go at Cadbury Schweppes as part of a restructuring plan which the company has described as a programme of "ambitious cost reduction and growth initiatives".
As part of the 'Fuel for Growth' scheme, the company will seek cuts of £400 million a year by 2007. For this to be achieved the number of factories and employees around the world will be "falling by an estimated 20% and 10% respectively". The group currently has 133 factories and around 55,000 employees.
However, it has not yet been specified which countries will be affected by the job losses.
The company estimates that the incremental investment required to deliver these savings will be £900 million over the 2004-2007 period split broadly equally between restructuring and capital spend.
The aim of the drive is to accelerate "sales growth through increased spend on marketing and innovation".
CEO Todd Stitzer said: "Our ambitious 'Fuel for Growth' cost-reduction programme will provide the funds to increase our investment in marketing and innovation to drive our top line growth.
"I am confident that in creating a stronger platform for sustained growth, we will progressively deliver superior business performance and thereby superior shareowner returns."
(gmcg)
As part of the 'Fuel for Growth' scheme, the company will seek cuts of £400 million a year by 2007. For this to be achieved the number of factories and employees around the world will be "falling by an estimated 20% and 10% respectively". The group currently has 133 factories and around 55,000 employees.
However, it has not yet been specified which countries will be affected by the job losses.
The company estimates that the incremental investment required to deliver these savings will be £900 million over the 2004-2007 period split broadly equally between restructuring and capital spend.
The aim of the drive is to accelerate "sales growth through increased spend on marketing and innovation".
CEO Todd Stitzer said: "Our ambitious 'Fuel for Growth' cost-reduction programme will provide the funds to increase our investment in marketing and innovation to drive our top line growth.
"I am confident that in creating a stronger platform for sustained growth, we will progressively deliver superior business performance and thereby superior shareowner returns."
(gmcg)
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