(ZEROHEDGE) – The world’s largest maker of bulk chocolate is planning to cut about 19% of its workforce, totaling 2,500 jobs, as part of a cost-reduction strategy in response to a worsening cocoa shortage in West Africa, which has driven prices to record highs.
“It’s about reducing complexity and eliminating duplication and inefficient structures,” Swiss chocolate maker Barry Callebaut CEO Peter Feld said in an interview with German newspaper Handelsblatt on Monday. Feld continued: “It’s about reducing complexity and eliminating duplication and inefficient structures.”
Handelsblatt said the job cuts will be implemented across Barry Callebaut’s operations worldwide over the coming 18 months. The move signifies Barry Callebaut is likely preparing for future demand woes as cocoa output in top grower Ivory Coast collapses, sending prices in London to record highs.
