Another week, and another round of layoffs from Glanbia (www.glanbia.ie). Last week they announced 50 jobs were to go at their City West facility, and now today they announce a further 210 job cuts. The company who had €2.2 billion worth of revenue in 2007 now say they need to introduce this cost savings plan. The job losses are part of Glanbia’s €16 million restructuring plan for 2009. The company has said that they hope the 210 jobs will come voluntary from their staff of just inder 5,000.
Glanbia owns such brands as Avemmore, Yoplait, Kilmeaden, Premier Milk and CMP Dairies.
Glanbia have failed in one of the most important rules in laying off workforce, namely, “cut once, cut deep”. The probelm with continiously making more and more of your workforce redundant is that it demotivates staff more, than if one single cut was announced.
Their share price dropped to €2.61 today after this news.