Nestlé: Large cuts in Africa

22 June 2015

Business people re-el magazine

Nestlé proceeds to cut 15% of its workforce in 21 African countries as well, according to what is argued, have overstated the rise of the middle class.

“We believed that it would become the new Asia, but we realized that the middle class in the region is very small and not growing,” said the chief executive of the company in Africa region, Cornel Krummenacher.

Moreover, he stressed that the region has failed to keep up with the initial turnover forecasts had set since 2008, when it accelerated its expansion in Africa. Thus, it has already closed offices in Rwanda and Uganda, has reduced by half the production line and perhaps close 15 stores by September.

Source: http://www.businessnews.gr/


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