Cadbury posts 13 pc growth in emerging mkts; to cut 580 jobs
Chocolate maker Cadbury Plc has posted a 13 per cent growth in emerging markets including India for the third quarter ended September 30, and said teh firm will cut 580 jobs worldwide as part of restructuring initiative.
By PTI |
LONDON: Chocolate maker Cadbury Plc has posted a 13 per cent growth in emerging markets including India for the third quarter ended September 30, and said teh firm will cut 580 jobs worldwide as part of restructuring initiative.
In a statement today, the chocolate maker said it would be doing away with its four region operational structure, which would result in 250 job losses and another 330 positions would be removed in Australia and New Zealand as part of restructuring.
Noting that growth in emerging markets stood at 13 per cent, Cadbury said confectionery growth was very good across our key Asian emerging market businesses, which had a strong quarter, with revenues up 19 per cent.
In particular, India and South-East Asia delivered strong double-digit increases in revenues on the back of continued market growth, product launches, including new variants of Bubbaloo, and promotional activities, the statement noted.
On restructuring, the company said, " these changes remove our current regional structure, de-layer the organisation and further reduce SG&A costs. They will enable faster decision making, improve in-market execution and ensure a stronger alignment of category strategies and commercial programmes.
"As a result of these and related changes, approximately 250 people will leave the business including a number of senior managers. The cost of this programme will be funded from the total restructuring programme announced in June 2007," the statement said.
Further, as part of reconfiguration of chocolate making in Australia and New Zealand, Cadbury said, about 330 positions would be removed over the next two years. Cadbury has posted a six per cent growth in revenues for the third quarter ended September 30.
In a statement today, the chocolate maker said it would be doing away with its four region operational structure, which would result in 250 job losses and another 330 positions would be removed in Australia and New Zealand as part of restructuring.
Noting that growth in emerging markets stood at 13 per cent, Cadbury said confectionery growth was very good across our key Asian emerging market businesses, which had a strong quarter, with revenues up 19 per cent.
In particular, India and South-East Asia delivered strong double-digit increases in revenues on the back of continued market growth, product launches, including new variants of Bubbaloo, and promotional activities, the statement noted.
On restructuring, the company said, " these changes remove our current regional structure, de-layer the organisation and further reduce SG&A costs. They will enable faster decision making, improve in-market execution and ensure a stronger alignment of category strategies and commercial programmes.
"As a result of these and related changes, approximately 250 people will leave the business including a number of senior managers. The cost of this programme will be funded from the total restructuring programme announced in June 2007," the statement said.
ADVERTISEMENT
Further, as part of reconfiguration of chocolate making in Australia and New Zealand, Cadbury said, about 330 positions would be removed over the next two years. Cadbury has posted a six per cent growth in revenues for the third quarter ended September 30.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
