Louis Dreyfus Co. has launched a sweeping cost-cutting plan in the latest attempt to revive profits at the 168-year-old family-owned firm, reports Reuters.
The initiative, including temporary measures to curb travel and staff costs, suggests pressures are building at the group after a decade under the control of Margarita Louis-Dreyfus.
After a rebound in profits in 2018, first-half results in 2019 declined and LDC warned the rest of the year would remain tough. It disclosed its biggest dividend since 2014.
The company also introduced more management changes in 2019, including making coffee chief Michael Gelchie its new COO, and announces internally plans to cut costs, including immediate steps to curb personnel costs.
To see a full timeline of LDC over the last decade, click here.
