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SAB to cut 133 jobs despite rising profit
South African Breweries (SAB) will retrench about 133 employees in a restructuring programme, the company said Monday, 2 July 2012, despite posting rising profits earlier this year. The company employs about 12000 people and the announcement comes as the government is calling on business to help create more jobs.
"It is estimated that 285 people, predominantly from support functions, may be retrenched. However, 152 new positions in sales will be created, so the structural changes will result in SAB's head count being reduced by 133 heads on a net basis," the company said.
In the year ending March, the company reported that earnings before interest tax, depreciation and amortisation grew by 9% to 1,2bn with group revenue growing 4% to $5,8bn thanks to good results from its business strategy launched in 2009.
SAB, a subsidiary of listed SABMiller, said it introduced a "fit-for-purpose review" in March to ensure a streamlined and efficient business. The main aim of the review was to identify positions that may have become redundant, where work was being duplicated as well as capability gaps that needed to be filled, the brewer said. Initially, 71 employees were retrenched.
SAB human resources executive director Yokesh Maharaj said the company had hired more than 926 over the past three years while it had employed 75 people in the three months to June.
"So on a net basis, SAB has employed more people than have left the company to date as part of this initiative," he said.
SAB head of media and communications Robyn Chalmers said the company posted profitable growth because of the successful implementation of its business strategy. There were no plans to offer voluntary retrenchments, but specific requests would be considered on a case by case basis, Chalmers said.
Source: Business Day
Source: I-Net Bridge
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