Disappointing results have caused Dutch dairy producer FrieslandCampina to cut almost one in ten jobs in all parts of the organisation. After its net profit almost completely vanished, the company wants to cut 200 million in costs.
Improve profitability
Over the next two years, FrieslandCampina will cut 1,800 of its 21,715 jobs worldwide – half of which in the Netherlands. The majority, 1,200 jobs, will be cut next year already. This should save the group between 180 and 200 million euros , Dutch newspaper FD reports.
In the first half of the year, FrieslandCampina saw net profit fall by as much as 94.2 % compared to a year earlier. That crash was caused by falling market prices for cheese and butter, and by consumers buying cheaper private label brands. When releasing these results, last June, the company had already warned of a major restructuring, the contours of which are now becoming clearer. Improving profitability is now the top priority.
