France's Danone to cut 900 jobs in Europe
Updated: 2013-02-20 02:19
PARIS - Danone, France's food giant said on Tuesday it will slash about 900 posts in European countries where economic woes had hit sales hard.
A cost-cutting plan, which aims to save 200 million euros (267.31 million U.S. dollars), "would lead to the suppression of around 900 management and administrative positions across 26 European countries" according to the Danone.
The job cuts will be made over two years.
The French group wants to "address a lasting downturn in the European economy and consumer trends that have led to significant decline in its sales in the region."
Danone said its operating profit margin fell by 50 basis points to 14.18 percent in 2012, while forecasting a drop of between 30 to 50 basis points this year.