French food and drink company Danone has said it will cut 900 jobs after weakness in southern European economies hit sales.
The owner of Activia yogurt and Evian bottled water reported sales of 20.1bn euros ($26.8bn; £17.3bn) in 2012, up 5.4% from a year earlier.
But sales in Europe fell 3% following a “severe deterioration” in consumer demand.
As a result, Danone has announced a cost-cutting plan.
The firm plans to cut about 900 management and administrative positions across 26 European countries.
“2013 will be a year of transition, with vigorous development in business in our growth markets and a drive to strengthen operations in Europe,” said chairman and chief executive Franck Riboud in a statement.
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