Carlsberg cutting 2,000 jobs – The Post

Carlsberg cutting 2,000 jobs

Savings plan designed to boost profits by 2 billion kroner by 2018

Hope this driver still has a job or this road could be blocked for a while (photo: Tony Kennick)
November 11th, 2015 10:23 am| by Ray W

Beer giant Carlsberg has announced it is cutting 2,000 jobs – far more than was previously believed. The company is in the midst of a huge restructuring program, according to its third quarter report.

Carlsberg is working to improve its earnings following a Q3 loss due to its struggling Russian and Chinese businesses.

The new cost-cutting program unifies previous and new cost savings and contains writedowns and restructuring costs of 10 billion Danish kroner for the 2015-17 period, of which around 8.5 billion kroner will be charged in 2015.

Deep cuts
The program is expected to deliver annual benefits of 1.5 to 2 billion kroner by 2018.

READ MORE: Carlsberg downgrades expectations after second quarter

The 2,000 job cuts – about 15 percent of the company’s workforce – are 700 more than Carlsberg had announced previously.