E-Malt.com News article: 574

“The Belgian brewing force, Interbrew, has reached an agreement with the Unions on the optimisation of its industrial network in Western Europe, further to the announcement of 9 September 2002,” the company reported in a statement on January 29, 2003. This restructuring relates to the Breda plant in the Netherlands and the Boddington plant in the UK.

The company has evaluated the cost of the industrial restructuring to be about EUR 44 million. “This amount will be charged to the full year 2002 results, in the form of a net non-cash asset write-down of 16 million euro (the previously announced EUR 25 million gross minus land value) and a cash cost for the social plan of EUR 28 million,” the company said.
“As a result of this restructuring, Interbrew expects a yearly improvement in EBIT of approx. 24 million euro by 2005. This restructuring is in line with the company's policy to focus on cash paybacks of three years or less.”


29 January, 2003