The UK-based drinks giant Diageo is to cut 900 more jobs than expected following its acquisition of the Seagram drinks business in 2001, according to a report in the Financial Times newspaper.
Original estimates of job cuts at Diageo following the acquisition were just over 1,600 people.
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However, the FT said that 1,800 have already gone and Diageo now estimates that 2,500 jobs will go in total, mainly from US sales teams. It will mean Diageo’s annual cost base is now expected to be reduced by £115m in the year ending June 30, 2005.
