Dairy Foods goes trim

By Duncan Bridgeman

Friday 23rd August 2002

New Zealand Dairy Foods is shedding staff as it looks to streamline its business following its sale to Graeme Hart's Rank Group in May.

The company said yesterday it would merge its food and beverages division into a single business unit following an extensive study of operations.

Chief executive Peter McClure could not comment on the number of staff to be made redundant but said the company would work through the restructuring process over the next two to three weeks.

"The old structure tended to duplicate a number of services, so we are looking at the most efficient way of going forward."

NZ Dairy Foods has 40% of the domestic dairy products market, with brands such as Anchor, Fernleaf and Fresh 'n' Fruity. Rank Group purchased half the company from Fonterra Co-operative Group for $119 million. It then acquired the remaining 50% of shares held by farmer shareholders.

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