FrieslandCampina will cut around 1,000 jobs by the end of 2021, most of them in the Netherlands, Belgium and Germany. The company intends to reduce costs by more than €100m from the 2022 financial year onwards. The focus will be on the production network, administrative levels, support services and functions.
The restructuring costs of €150 to €175m will largely be charged to the operating result in 2020. There will also be no bonuses for senior management this year. The sale of non-core activities is also an option to strengthen profitability.
As a consequence of the corona pandemic, FrieslandCampina is accelerating the implementation of the strategy launched in 2018. Despite better figures in the food retail business, profitability is under strong pressure due to the direct or indirect consequences of the lockdowns.
