Menu
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)
Related UK National News Stories
Click here for the latest headlines.
31 October 2011
Clegg Announces £950M For Jobs
The Deputy Prime Minister has announced a Government investment of £950 million to create and safeguard more than 200,000 jobs across England. The money is the second tranche from the Government’s £1.
Clegg Announces £950M For Jobs
The Deputy Prime Minister has announced a Government investment of £950 million to create and safeguard more than 200,000 jobs across England. The money is the second tranche from the Government’s £1.
29 January 2015
Sky To Launch New Mobile Phone Service
A new mobile phone service is to be launched by pay-TV company Sky in partnership Telefonica, O2's Spanish parent company. Sky, adding mobile to its internet, landline and TV, will use Telefonica UK's wireless network to offer the new service.
Sky To Launch New Mobile Phone Service
A new mobile phone service is to be launched by pay-TV company Sky in partnership Telefonica, O2's Spanish parent company. Sky, adding mobile to its internet, landline and TV, will use Telefonica UK's wireless network to offer the new service.
06 December 2011
£1bn Regional Growth Boost Announced
The UK's £1 billion boost to the Regional Growth Fund announced in the Chancellor’s Autumn Statement last week is expected to enable the fund to support around half a million jobs in total. Deputy Prime Minister Nick Clegg will visit the North West today where he will set out further details on the boost to fund, which will now be £2.
£1bn Regional Growth Boost Announced
The UK's £1 billion boost to the Regional Growth Fund announced in the Chancellor’s Autumn Statement last week is expected to enable the fund to support around half a million jobs in total. Deputy Prime Minister Nick Clegg will visit the North West today where he will set out further details on the boost to fund, which will now be £2.
24 May 2011
Business Encouraged To Bid For Share Of Funding
Sir Ian Wrigglesworth has visited a road show in Dudley, Staffordshire to promote the second round of the Regional Growth Fund and encourage bidders to compete for a share of £950m.
Business Encouraged To Bid For Share Of Funding
Sir Ian Wrigglesworth has visited a road show in Dudley, Staffordshire to promote the second round of the Regional Growth Fund and encourage bidders to compete for a share of £950m.
07 January 2011
New Plans To Boost Regional Growth
During a regional tour to the North West, the Prime Minister and Lord Heseltine announced plans to boost growth in all regions of the country.
New Plans To Boost Regional Growth
During a regional tour to the North West, the Prime Minister and Lord Heseltine announced plans to boost growth in all regions of the country.
-
Northern Ireland WeatherToday:A dry day with any low cloud and mist clearing during the morning leaving long spells of warm sunshine. Breezy at times around the coast. Maximum temperature 20 °C.Tonight:A fine end to the day with some sunshine, then clear spells overnight. Low cloud could form around some Irish Sea coasts later in the night. Minimum temperature 8 °C.
