Cadbury Schweppes to cut 5,500 jobs

LONDON (Reuters) - Confectionery and soft drinks giant Cadbury Schweppes says it will cut 10 percent of its workforce and close 20 percent of its factories by 2007 in a bid to slash costs.

The group, outlining a four-year plan to cut costs and drive growth after its $4.2 billion (2.48 billion pounds) acquisition of the Adams confectionery business in March, said it hoped to save 400 million pounds a year by 2007 from the plan, which will cost 900 million over the period.

http://www.mirror.co.uk/news/24by7panews/page.cfm?objectid=13560251&method=full&siteid=50143

....by the Carlyle Group?

that is correct

http://www.beverage-digest.com/editorial/990910.html

Cadbury and Jim Turner -- principal owner of Dr Pepper Texas -- finalize agreement for Cadbury and Carlyle Group to buy Turner's business (BD 8/27/99). Dr Pepper Texas will be combined with Cadbury/Carlyle-owned American Bottling Co (ABC). Business will be named: "Dr Pepper/Seven Up Bottling Group Inc" and be based in Dallas; ABC now in Darien Illinois. Price $691 mil; $283 mil in cash and $408 mil in debt assumption. In last 12 months, Turner's revenues were $709 mil; EBITDA $85 mil. Deal values Turner at 8.1 times EBITDA. Valuation is comparable to PBG and slightly less than CCE, according to Salomon Smith Barney's Jennifer Solomon. ABC now owned 40% by Cadbury and 60% by Washington D.C.-based Carlyle Group investment firm. New company will have different ownership: Cadbury 40%, Carlyle 53% and Turner plus management 7%. Deal completion anticipated in first half October. Turner will be CEO; Cadbury global beverage chief John Brock will be chairman.


I had no idea! A democratic donor should sponsor someone to track and publish this data on the web!

http://www.cadburyschweppes.com/EN/MediaCentre/PressReleases/cs_complete_aqu_081099.htm

That's the last time I drink Dr. Pepper. Too bad.

it's not a jobLESS "recovery" -- it's a

jobLOSS "recovery"

or are these jobs worldwide??

And this is all while the economy is showing signs of recovery (at least according to Snowejob). Good thing the economy doesn't suck.