Analysts believe the Australian beer and wine company, Foster’s Group, is aiming to achieve in excess of A$100m in gross cost savings across its Carlton & United Breweries (CUB) subsidiary, its hotel operations and its Continental Spirits division.
CUB managing director, Trevor O’Hoy, said yesterday that net cost savings of at least A$50m announced on Tuesday would hit the bottom line over five years. However, O’Hoy declined to give the company’s gross cost savings target for its supply chain review. Unions are concerned about job cuts which will come with the cost savings programme.
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