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Tim Tam maker Arnott’s loses 50 jobs in first cuts since KKR buyout By Reuters

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© Reuters. Arnott’s Tim-Tam biscuits are pictured on a supermarket shelf in Sydney

By Scott Murdoch and Byron Kaye

HONG KONG/SYDNEY (Reuters) – Arnott’s, maker of Tim Tam biscuits and other snacks, is shedding about 50 staff, a representative told Reuters, the first such cuts since U.S. private equity firm KKR & Co Inc (N:) bought one of Australia’s best-known brands last year.

Arnott’s, which also makes Monte Carlo, Mint Slice and SAO biscuits, had made management changes which meant “a small number of employees will be departing our business”, a spokeswoman said, without disclosing which positions were being cut.

The cuts would give Arnott’s the “right organisational structure to ensure its success as a stand-alone company”, the spokeswoman said in an email.

The cuts would involve about 2% of the workforce, she added, equating to roughly 48 of the company’s 2,400 employees.

The move comes a year after KKR bought Arnott’s…



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https://www.investing.com/news/economy/tim-tam-maker-arnotts-loses-50-jobs-in-first-cuts-since-kkr-buyout-2215876

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