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FrieslandCampina plans to cut 1,800 jobs worldwide over the next two years as part of efforts to lower costs, with approximately 1,200 employees expected to be laid off in 2024. The job cuts will span across "almost all" parts of the organisation. FrieslandCampina said that the job cuts are expected to generate savings ranging from €180 million to €200 million as part of the company's programme that aims to reduce annual costs by €400 million to €500 million by 2026. According to the company, part of the annual savings will be used to offset inflation, and the rest of the margin expansion will be evenly divided between investments in sustainable growth and boosting the company's net profit. The implementation of these cost-saving measures will involve one-time costs of up to €170 million in 2023. Jan Derck van Karnebeek, CEO of Royal FrieslandCampina, said: “Today is a tough day for FrieslandCampina. Over the past period, we have analysed the cost structure of our organisation, and we are now announcing difficult but necessary steps to structurally reduce our costs." "We realise that the announcement of job losses will have a big impact on the people involved. We will, therefore, do our utmost to inform and assist everyone as best as possible during this difficult time. These cost savings should contribute to FrieslandCampina's ability to compete and win in the market for the benefit of our employees and member dairy farmers.”