Grain trader Louis Dreyfus to cut costs in ongoing overhaul

Indonesia Berita Berita

Grain trader Louis Dreyfus to cut costs in ongoing overhaul
Indonesia Berita Terbaru,Indonesia Berita utama
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Louis Dreyfus Company is making sweeping cost cuts, starting with travel, entert...

LDC said an in an internal memo seen by Reuters that five senior executives would lead a review to achieve “cost and productivity gains”.

LDC said last month that international trade tensions and the spread of a deadly pig disease in China would continue to weigh on profit. It paid out a $428 million dividend- the highest since 2014 - even as first-half earnings slid. Diversified commodity group Glencore made an approach for Bunge two years ago and has said the sector needs consolidating.

The firm has awarded dividends of up to 50% of net profits as Russian-born Louis-Dreyfus has taken on additional debt to acquire minority shares for more than $800 million and support a $1 billion rescue plan for Biosev.

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