DAWN:  13   +1 (+8.33%)  24/09/2018 00:00

Distribution and Warehousing Network to cut 700 jobs, finance chief retires

Aug 28 (Reuters) - South Africa's Distribution and Warehousing Network Ltd said it would cut 700 jobs as part of a restructuring plan and its finance chief Chris Booyens will retire by the end of the month.

It said Hanre Bester, current group financial manager, will replace Booyens as financial director.

The company, which makes hardware, sanitary ware, plumbing, kitchen and engineering products, has struggled with a tough trading environment on the back of poor economic conditions in South Africa.

"...economic conditions have deteriorated further and are not expected to improve in the current financial year," it said on Tuesday.

The plan will include a job cuts and lower spend on support services and infrastructure, the company, which operates in South Africa and selected countries in the rest of Africa and Mauritius, said. (Reporting by Muvija M and Shashwat Awasthi in Bengaluru; editing by David Evans)

2018-08-28 16:47:18

© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.