Fonterra to cut 300 jobs, slashing costs to invest in growth strategy

Fonterra to cut 300 jobs, slashing costs to invest in growth strategy
May 1 (BusinessDesk) – Fonterra Cooperative Group, which imposed a hiring freeze in February, may eliminate up to 300 jobs as it seeks annual cost savings of $65 million a year, adding to $60 million of cost cutting already targeted for 2013. The review of support services affects workers at Fonterra’s corporate offices in New Zealand. It didn’t quantify the potential restructuring costs. The May Day announcement marks the biggest layoff at the dairy giant since it cut workers in 2006 with the closure of manufacturing plants. “While we are i...