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16/06/2009
Diageo To Make Job Cuts
Major drinks company, Diageo Ireland is to cut 107 jobs as part of a programme to reduce costs.
The worldwide company, which among other things brews Guinness, is to enter into consultation with employees and has promised to seek as many voluntary redundancies in the lay-offs as possible.
The staff are expected to be let go over the next three months.
In the company's interim management statement for the nine months ending March 2009, the company said net sales declined by 7%, driven primarily by the planned stock reductions in Diageo's US spirits and wine distributors where stock at 31 March 2009 was approximately one million cases lower than at 31 December 2008.
Paul Walsh, Chief Executive of Diageo said: "As we anticipated trading in markets around the world has weakened in the second half of the fiscal year.
"In particular there has been a significant decline in the Russian market from the beginning of January and the Global Travel Retail business continues to be adversely affected by the economic conditions."
(DW/BMcc)
The worldwide company, which among other things brews Guinness, is to enter into consultation with employees and has promised to seek as many voluntary redundancies in the lay-offs as possible.
The staff are expected to be let go over the next three months.
In the company's interim management statement for the nine months ending March 2009, the company said net sales declined by 7%, driven primarily by the planned stock reductions in Diageo's US spirits and wine distributors where stock at 31 March 2009 was approximately one million cases lower than at 31 December 2008.
Paul Walsh, Chief Executive of Diageo said: "As we anticipated trading in markets around the world has weakened in the second half of the fiscal year.
"In particular there has been a significant decline in the Russian market from the beginning of January and the Global Travel Retail business continues to be adversely affected by the economic conditions."
(DW/BMcc)
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