“The need for restructuring has been accelerated by exceptionally challenging economic and retail conditions in Ireland,” the company said. Britvic also stated that the restructuring isn’t expected to be material in the context of market expectations for its earnings for the current financial year.
Redundancies will occur over the next 12 months while the company restructures its business, possibly consolidating regional distribution centres to Dublin, which would lead to the closure of the Cork, Donegal and Waterford depots.
Recently announced investment programmes of €17m – including the upgrading of the Dublin production facility and the introduction of a new IT infrastructure – remain on schedule.
The news came as the company announced the departure of Britvic Ireland MD, Bill O’Regan, who commented on the restructuring: “It’s regrettable but inevitable that these changes, which are vital for the sustainability of our business, will result in job losses.”
Britvic will publish its first Interim Management Statement of the year on 28 January 2009, when further details of the restructuring will be available.
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