BUSINESS French minister 'shocked' by job cuts at Nestle's Galderma unit


French minister 'shocked' by job cuts at Nestle's Galderma unit

Reuters | Reuters

06:57, November 26, 2017


The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/File Photo

 French Finance Minister Bruno Le Maire said on Saturday he was particularly “shocked” by Nestle’s (NESN.S) plans to cut up to 450 jobs at its Galderma skin-health research plant in the south of France as the plant benefited from a research tax credit.

Le Maire told France Inter radio that he would meet “in the coming days” with Nestle’s representatives to discuss the issue.

“I am the first to be shocked by what is happening ... It is an issue that I am monitoring closely,” he said

Nestle announced in September plans to cut 450 out of 550 jobs at the research center near Nice on the French riviera.

Nestle, the world’s largest packaged food firm, has come under pressure to shift gear from activist shareholder Third Point, which in June revealed a $3.5 billion stake. Nestle has satisfied some demands, such as buying back shares and setting a margin target.

Nestle employs over 12,000 people in France.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue