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17/01/2012
Premier Foods Predicts 5% Job Losses
A major UK food supplier has announced it is to lay off around 600 workers as it prepares to face a tough 2012.
Publishing its growth plan for the coming year, Premier Foods said it would be doubling its savings projections, attempting to cut £40 million of spend by 2013 by creating a "stronger and more efficient business".
A spokesman for the company said: "To achieve this target, every aspect of the company’s costs is being reviewed and it is expected that a series of cost saving programmes will be initiated throughout the year that will result in reductions in the workforce, mainly from overhead functions."
Meanwhile, the company also said that its new leadership team was to focus investment behind growing the eight "power brands" owned by the supplier, including Hovis, Ambrosia, Mr. Kipling, Sharwood’s, Loyd Grossman, Bisto, Oxo and Batchelors.
The Group said it was planning to double marketing spend behind the brands in 2012 and six of the Power Brands will be back on TV with advertising in the first quarter.
Commenting on the plan, Chief Executive Officer Michael Clarke said: “We continue to deliver on our plans to stabilise the business and invest in our recovery and future growth.
While decisions to reduce the workforce are always difficult, I’m convinced we are taking the right steps in the long term interests of the business, employees and our stakeholders.”
(DW/GK)
Publishing its growth plan for the coming year, Premier Foods said it would be doubling its savings projections, attempting to cut £40 million of spend by 2013 by creating a "stronger and more efficient business".
A spokesman for the company said: "To achieve this target, every aspect of the company’s costs is being reviewed and it is expected that a series of cost saving programmes will be initiated throughout the year that will result in reductions in the workforce, mainly from overhead functions."
Meanwhile, the company also said that its new leadership team was to focus investment behind growing the eight "power brands" owned by the supplier, including Hovis, Ambrosia, Mr. Kipling, Sharwood’s, Loyd Grossman, Bisto, Oxo and Batchelors.
The Group said it was planning to double marketing spend behind the brands in 2012 and six of the Power Brands will be back on TV with advertising in the first quarter.
Commenting on the plan, Chief Executive Officer Michael Clarke said: “We continue to deliver on our plans to stabilise the business and invest in our recovery and future growth.
While decisions to reduce the workforce are always difficult, I’m convinced we are taking the right steps in the long term interests of the business, employees and our stakeholders.”
(DW/GK)
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