Sector News

Nestle may cut about 70% of French R&D jobs

September 22, 2017
Food & Drink

Nestle S.A. said Thursday that it may cut up to 400 of 550 jobs at its Galderma research and development center in southern France.

The decision comes during a review of its global operations, a company spokesman said. In late August, Nestle said it would cease operations of a skincare-product factory in Switzerland, resulting in the loss of 190 jobs.

Nestle plans to offer about 300 of the 550 employees at the R&D center in Sophia Antipolis a voluntary leave package. Another 100 could be transferred to a new biologics and systemic-treatments center, the spokesman said.

The news was first reported by Reuters.

The Swiss company is under pressure to satisfy investors and has been the target of activist investor Third Point LLC THPT After taking a $3.5 billion stake in Nestle, the hedge fund outlined a number of changes the consumer-goods company could make in June, including improving margins, innovating its core business and selling noncore assets as well as its 23% stake in French cosmetics company L’Oreal SA.

In response, Nestle announced cost-cutting efforts and possible divestitures.

By Max Bernhard

Source: MarketWatch

comments closed

Related News

March 19, 2023

Kellogg reveals new business names ahead of planned cereal unit spin-off

Food & Drink

The global snacking, international cereal and noodles, plant-based foods and North American frozen breakfast business will be known as Kellanova – home to brands such as Pringles, MorningStar Farms and Nutri-Grain. Kellanova’s portfolio will also encompass cereal brands, including Frosties, Special K, Krave and Coco Pops.

March 19, 2023

Nestlé pilots refillable vending machines in Indonesia

Food & Drink

Nestlé is piloting refillable vending machines for its Milo and Koko Krunch brands as part of its effort to explore solutions that help to reduce the need for disposable packaging. In collaboration with digital start-up Qyos by Algramo, the machines will be available at two retailers in Indonesia during a 4-6 month trial period.

March 19, 2023

Carlsberg appoints new chief executive

Food & Drink

Carlsberg has announced that Jacob Aarup-Andersen will join the company as chief executive officer, replacing Cees ’t Hart, who will retire by the end of Q3 2023. Since 2020, Aarup-Andersen has served as CEO of ISS, a global facility services company that operates in 60 countries.

How can we help you?

We're easy to reach