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BusinessLive reports that cement giant PPC expects its turnaround plan to take about two years to bear fruit and has warned the process is likely to lead to job losses.
The JSE-listed group has battled underperformance and decreasing profitability over several years, grappling with subdued demand amid stale construction activity and dumped cement imports and locally produced blended variants. In his debut annual presentation to the market on Monday, CEO Matias Cardarelli said PPC had a clear and bold plan for recovery focused on both fixing and rebuilding while also pursuing quick wins. The turnaround plan focuses on creating a leaner, more agile company. The short-term strategic focus on internal reorganisation would pave the way for growth in the next phase, however, job losses were inevitable, Cardarelli said. “We have put in place a leaner structure that we strongly believe is going to help us take decisions in a more agile and appropriate way. At the same time this is coming with a reduction of manpower costs,” he indicated. Cardarelli went on to say: “I’m not looking at big job losses, we are doing this in a very reasonable and cautious way, but a headcount reduction at the end of the process is expected.”
- Read the full original of the report in the above regard by Michelle Gumede & Jacqueline Mackenzie at BusinessLive
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