As reports of job losses in Indian (due to economic slowdown) abound in media, there are news coming from New Zealand dairy co-op Fonterra, which are not heartening either.
A report by Miles Hadfield in Co-op News (ICA) says that due to the fear of losses of at least NZ $590m in its latest annual results, New Zealand dairy co-op Fonterra may resort to job cuts.
Fonterra has been hit by adjustments for its South American businesses, drought in Australia and increased competition at home, and has been carrying out a full review of its operations.
Referring to possible job losses, the co-op said: “We have been open with employees that with a new strategy comes a new structure. “Our new strategy is about being more focused, prioritising New Zealand milk, and being closer to our customers. “That means we will be changing our organisational structure to support our new strategy.
“It is premature to speculate on where in the organisation these changes may occur or how many roles may be impacted,” says the report.