April 20, 2018 / 5:40 AM / 5 months ago

Dairy firm Arla launches about $490 mln cost-cutting programme

COPENHAGEN, April 20 (Reuters) - Arla Foods, one of the world’s biggest dairy companies, said on Friday it will initiate a cost-cutting programme that will help the company save 400 million euros ($493.52 million) by the end of 2020.

The move comes “as a result of the extent of the company’s exposure to the British pound and unfavourable developments in commodity markets,” Arla said in a press release.

The firm - owned by 11,200 farmers in Denmark, Sweden, Germany, Britain, Luxembourg, the Netherlands and Belgium - is competing with food giants such as Danone and Nestle . ($1 = 0.8105 euros)

Reporting by Jacob Gronholt-Pedersen, Editing by Sherry Jacob-Phillips

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