E-Malt.com News article: 542

Turk Tuborg, the Turkish subsidiary of the Danish beer producer, Carlsberg, has reported it intends to cut 10% of its workforce, in order to move the loss-making business towards profit. "We are cutting the staff from 1,400 people to 1,250 because we need a better balance between costs and income," said Margerethe Skov, Carlsberg information manager.

The economics of the market have not helped, as Turkey is experiencing a deep recession and heavy inflation. However, forecasts are for an improvement. Turkish gross national product (GDP) is predicted to rise by 4.4% this year while inflation is expected to fall to 24.8% by the end of 2003.

Turk Tuborg recently replaced its CEO following a consistent period of underperformance.

Sales in Turk Tuborg account for about 2% of Carlsberg's total sales.


22 January, 2003