Latest news with #costsavings
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Merck to Lay Off Workers and Narrows Guidance as Earnings Fall
Merck MRK -0.77%decrease; red down pointing triangle & Co. said it is embarking on a multi-year cost-savings plan, which includes cuts to its workforce and real-estate footprint, as it looks to redirect resources toward new product launches. The plan comes as the drug company on Tuesday logged lower revenue and sales in its latest quarter and narrowed its full-year guidance.
Daily Mail
2 days ago
- Business
- Daily Mail
Two of the UK's best-known bread brands near historic £75m merger
Two of Britain's breadmakers could become one, as Hovis and Kingsmill are nearing a merger agreement. Under the proposed deal, Associated British Foods, which owns Kingsmill's parent company Allied Bakeries, would acquire Hovis for around £75million from Endless, its private equity owners, Sky News reports. The deal could wrap up as soon as the end of next week, according to banking sources with knowledge of the merger. Due to the complex nature of the transaction, any deal could take longer to be reached, they said. The two bakers could make cost savings of as much as £50million per year as a result of the merger, it was reported. In May, it was revealed that talks were in progress between the two companies. ABF said it was also exploring other options for Allied Bakeries' future that did not involve Hovis. ABF said: 'Allied Bakeries continues to face a very challenging market.' 'We are evaluating strategic options for Allied Bakeries against this backdrop and we remain committed to increasing long-term shareholder value.' The UK bakery market is worth some £5billion, with the equivalent of 11 million loaves being sold each day. However, the market has contracted in recent years on the back of changing diets and higher bread prices. A merger would see the combined group take the largest market share in the wrapped sliced bread sector. Hovis currently holds a 24 per cent market share, while Allied holds 17 per cent. Combined, the two would surpass the market leader Warburtons, which holds a 34 per cent stake in the market. Sky reports that Warburtons would maintain a higher annual turnover due to its wider product range. A potential deal would likely face probing from the competition watchdog, as a merger would cut the number of major players in the market from three to two. 'What the Competition & Markets Authority may make of matters remains to be seen,' Shore Capital's Clive Black said in May.
The Independent
2 days ago
- Business
- The Independent
National Trust could be forced to ditch British favourite from menu due to job cuts
The National Trust is proposing to cut approximately 550 jobs, representing six per cent of its staff, as part of a plan to save £26m. The charity attributes the need for these savings to rising costs, including increases in employers' National Insurance and the National Living Wage. As part of the cost-cutting measures, some National Trust cafes may cease baking scones on-site, with the beloved British treats potentially being shipped in from a central source. These changes to scone provision are expected to affect less than ten per cent of the charity's cafes, specifically smaller, less financially sustainable outlets. The National Trust stated that despite growing visitor numbers and donations, increasing costs are outstripping this growth, necessitating measures to ensure long-term financial sustainability.
BBC News
2 days ago
- Business
- BBC News
Oxford City Council rents out historic buildings to save £210k
A council has agreed to rent out five of its empty Grade II listed buildings as part of a plan to save £210,000 a City Council approved letting the properties on Ship Street and Michael's Street on 125-year leases. It said each have been empty for years because of "considerable dilapidations affecting their structures and consequent difficulties in letting them".The authority said it would help the properties' restorations without it having to pay for the work itself. The Ship Street properties were formally listed in 1954, while the one in St Michael's Street was listed in of them have been used as hostel or student accommodation over recent years. You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
Yahoo
6 days ago
- Business
- Yahoo
Lamb Weston sets out savings quest
Lamb Weston Holdings has outlined fresh plans for cost savings, moves that will affect jobs at the potato-products group. The US-listed business, which has faced investor pressure in recent months, is looking to make "at least" $250m in savings. President and CEO Mike Smith said the company was targeting '$200m in annualised run-rate savings and $120m of favourable working capital improvements' by the end of its 2027 fiscal year. 'We expect that these cost savings and working capital improvements together with lower levels of capital expenditures will help drive improved profitability and cash flow,' he said. Last month, Lamb Weston bowed to pressure from shareholders Jana Partners and Continental Grain Co. to revamp its board of directors. Jana Partners had been calling for changes to Lamb Weston's board since it took a minority stake in the company last October and had criticised the business for what it called 'self-inflicted mis-steps' in terms of its performance. Earlier in October last year, Lamb Weston had slashed its profit targets in light of a restructuring plan that includes the permanent closure of a US factory and job cuts. The fresh savings plan includes 'headcount reductions' that amount to around 4% of Lamb Weston's global workforce, the company said yesterday (23 July). The company did not disclose specific numbers but said the cuts 'also reflect the elimination of certain unfilled positions'. Smith added: 'We enter fiscal 2026 with increased discipline around our customer relationships and our cost structure, along with a clear and executable plan of how to win with customers and succeed in a dynamic marketplace. Our Focus to Win plan prioritises markets and channels where we are well positioned to win for the long-term and doing what our team does better than anyone else.' The plan was announced alongside Lamb Weston's annual financial results. Net income fell 51% to $357.2m in the year to 25 May. On an adjusted basis, net income dropped 35% to $478.6m. Net sales were flat at $6.45bn after a 4% rise in the final quarter of the year. Fourth-quarter net income fell 7% but increased 8% on an adjusted basis. Smith added: 'Lamb Weston returned to growth in the second half of the year with momentum in customer wins and retention, delivering financial results above our updated expectations.' Bernstein analyst Alexia Howard described the company's fourth-quarter results as 'very solid' pointing to 'strong volumes and cost containment'. "Lamb Weston sets out savings quest" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
