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    NESN   CH0038863350

NESTLÉ S.A.

(NESN)
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Nestle S A : to close UK plant, 600 jobs at risk

04/28/2021 | 11:22am EDT
FILE PHOTO: Logo is pictured on the Nestle research center in Lausanne

ZURICH (Reuters) - Nestle is shutting a factory in the north east of England, putting nearly 600 jobs at risk, as the world's biggest packed food company restructures its confectionery business in Britain.

The move comes as the maker of KitKat shifts production to two other factories in York and Halifax, where it has invested 29.4 million pounds ($40.8 million). The site in Fawdon will close by 2023.

"The decision to propose Fawdon's closure follows significant investment and a sustained effort by the factory team to reduce that complexity and introduce new products in recent years," Nestle's UK arm said in a statement https://www.nestle.co.uk/en-gb/media/pressreleases/allpressreleases/proposed-changes-uk-confectionery-manufacturing on Wednesday.

Up to 573 jobs could be lost at Fawdon, the company said. Nestle's factories in York and Halifax manufacture some of the chocolate maker's biggest brands. York is also the base for Nestle Confectionery's global R&D centre.

Labour union GMB said https://www.gmb.org.uk/news/greedy-nestle-slash-600-key-worker-jobs-kit-kat-and-fruit-pastille-factories it would ask for an "urgent meeting" with Nestle's management to understand why these decisions were taken, adding that a second union, Unite, would also be teaming up with it to campaign against these moves.

"The fact these announcements have come during a global pandemic is particularly bitter and heartless," said Unite's Joe Clarke.

Nestle said it did not "underestimate the impact" the closure could have in the area and on its employees, and would find ways to support them during its consultation process if the closure was approved.

($1 = 0.7203 pounds)

(Reporting by Michael Shields in Zurich and Pushkala Aripaka in Bengaluru, editing by John Revill and Anil D'Silva)


© Reuters 2021
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Financials
Sales 2021 85 616 M 95 299 M 95 299 M
Net income 2021 11 993 M 13 349 M 13 349 M
Net Debt 2021 32 923 M 36 646 M 36 646 M
P/E ratio 2021 26,6x
Yield 2021 2,50%
Capitalization 321 B 357 B 357 B
EV / Sales 2021 4,13x
EV / Sales 2022 4,00x
Nbr of Employees 273 000
Free-Float 97,7%
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Number of Analysts 28
Average target price 118,27 CHF
Last Close Price 113,82 CHF
Spread / Highest target 18,6%
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Ulf Mark Schneider Chief Executive Officer & Director
François-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
Paul Bulcke Chairman
Stefan Palzer Chief Technology Officer & Executive VP
Magdi Batato Head-Operations & Executive Vice President
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