Dairygold to cut jobs as losses mount

DAIRYGOLD faces mounting losses that will hit 26 million in 2007 unless 1,500 jobs are shed.

Chief executive Gerry Henchy spelt out the dire consequences facing the 3,200-strong workforce in a special edition of the group’s Employee News.

Last year, Dairygold’s operating profits fell from 25.2m to 4.8m. The sale of 6m worth of shares in IAWS kept the company profitable. In reality the group lost close to 4m on its trading operations in 2002.