Tue, 07 September 2010
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LATEST | HEADLINES :
 
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| Job cuts at Red Stripe? |
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 We understand from credible sources that Diageo, the U.K.-based parent firm of
Jamaican-based brewery company Red Stripe, will be re-organizing its business
in the Caribbean and Latin American region later 2009 and that this could
impact on some senior positions within the group's Red Stripe operations in
Jamaica.Diageo which operates in 180 countries employing over 22 thousand workers enjoyed a fairly good 2008 globally with sales increasing by 3 percent and operating profit growing by nine percent. Diageo has nine of the world's top twenty alcoholic brands including Johnny Walker Whisky and Smirnoff Vodka. However in Jamaica the group had mixed fortunes. Diageo's flagship Jamaican brand Red Stripe did fairly well in the export market, particularly North America with six-month export sales to December last year increasing by eighteen percent. The overall financials were fairly strong too. However during the same period domestic sales were down 18 percent - hit by the decline in disposable income among Jamaicans. The stock price of Red Stripe which trades as D&G is down over three percent year-to-date. It's understood that Diageo will be consolidating some positions in its Latin American and Caribbean operations and this is likely to impact on Red Stripe in Jamaica. (Story written by Owen James) |
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The Economy Job cuts at Red Stripe?
The Economy Job cuts at Red Stripe?
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