International producer of convenience food Greencore has confirmed that it is simplifying its corporate structure in the UK into two divisions, according to a recent statement.
The statement outlined, "The new structure will deliver improved efficiency and a better ability to respond to its customers’ needs."
It said that as a result of these changes, the food firm is now in consultation with a number of employees.
"The company is unable to provide any further comment until this process has been concluded." The statement said.
US Business Share Drop
In August, the Dublin-headquartered chilled food manufacturer, saw a 14% drop in its share price value, which was reportedly triggered by the loss of a major contract with US coffee firm Starbucks to supply the coffee chain with frozen sandwiches.
Headquartered in Dublin, in July, Greencore reported revenue of £636.5 million in the third quarter of its financial year, which represents an increase of 76.6% on a reported basis, and of 11.8% on a pro forma basis.
It anticipated that its 2017 performance would remain in the range of current market expectations, as a result of challenging trading conditions.
The company plans to issue its next trading update on the release of its full year results on 28 November.
© 2017 - Checkout Magazine by Donna Ahern