Nestle has announced it is planning to cut down about 15 percent of its workforce in 21 African countries which may include Nigeria. According to Financial Times, the downsize is because it overestimated the rise of the middle class.
“We thought this would be the next Asia, but we have realised the middle class here in the region is extremely small and it is not really growing,” Cornel Krummenacher, chief executive for Nestlé’s equatorial Africa region, told the Financial Times in an interview. (goo.gl/a55Wy8)
He also said Nestle would be lucky to reach annual 10 percent growth in Africa in future years, and with the cuts, the company hoped to break even next year.
Nestle Nigeria reported a 51 percent fall in pretax profit to 3.48 billion naira ($17.51 million) in the first quarter. Nestle share price has been down 16 per cent YTD and closed trading Tuesday at N850
Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/0lUFXC3oit https://t.co/XxGTxGk3hH
Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/D4GHbXNNTf https://t.co/OPGZL3neG4
Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/sKJp7oY4pZ https://t.co/nugXFWEbxC
RT @ugodre: Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/sKJp7oY4pZ https://t.co/nugXFWEbxC
RT @ugodre: Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/sKJp7oY4pZ https://t.co/nugXFWEbxC
Here’s why Nestle is about to sack 15 percent of its workforce: Nestle has announced it is planning to cut dow… https://t.co/J77pIdfF82
RT”@ugodre: Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/7vk7wb6Fw6 https://t.co/G4jNEHPDfC“
Here’s why Nestle is about to sack 15 percent of its workforce https://t.co/RUxBNxyEQd
Cut in workforce is a signal for the beginning of a great financial fall for Nestle.
Here’s Why Nestle Is About To Sack 15 Percent Of Its Workforce
https://t.co/gkfyIxNxeQ
Here’s why Nestle is about to sack 15 percent of its workforce: https://t.co/IBf3ylzTFY
RT @CSLStockbroking: Here’s why Nestle is about to sack 15 percent of its workforce: https://t.co/IBf3ylzTFY