Fonterra has confirmed it has laid off 835 staff through its major restructuring this year, up from 750 announced in August.
According to BusinessDesk, the Fonterra global ingredients arm is introducing tighter synchronisation of rail, road and marine transport in partnership with customers as part of a two-year long global savings initiative.
This tighter synchronisation of transport delivered a $5 million annual saving in 2015.
BusinessDesk reports that Fonterra has raised its forecast available payout range for this season by 5 cents as it cuts costs and boosts margins to record levels, even as milk volumes in New Zealand declined by 5%.
Chief executive Theo Spierings confirmed to BusinessDesk the total number of staff laid off in two waves of restructuring this year had risen to 835, but says: “There will be no wave three”.
