Arnott's cuts 50 jobs as new private equity owners shake up management | domp
Around 50 employees will be laid off at biscuit making company Arnott's in an effort to keep the iconic company globally competitive, the first major change at the business since it was purchased by private equity giant KKR in 2019.
Arnott's has made around 50 staff redundant a year after it was purchased by private equity firm KKR.The spokesperson said the redundancies were made to ensure the business could remain successful as a stand-alone company. Arnott's was split off from American snack food conglomerate Campbell's in July last year when it was
KKR emerged as Arnott's buyer last July after a year-long bidding process for Campbell's that also attracted notable Australian private equity group Pacific Equity Partners. At the time, sources close to the deal said the $60 billion company had no intention of cutting jobs at Arnott's.
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