November 25, 2017 / 11:42 AM / in a year

French minister 'shocked' by job cuts at Nestle's Galderma unit

PARIS (Reuters) - French Finance Minister Bruno Le Maire said on Saturday he was particularly “shocked” by Nestle’s (NESN.S) plans to cut up to 450 jobs at its Galderma skin-health research plant in the south of France as the plant benefited from a research tax credit.

FILE PHOTO - The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/File Photo

Le Maire told France Inter radio that he would meet “in the coming days” with Nestle’s representatives to discuss the issue.

FILE PHOTO - French Finance Minister Bruno Le Maire speaks during the questions to the government session at the National Assembly in Paris, France, November 15, 2017. REUTERS/Benoit Tessier

“I am the first to be shocked by what is happening ... It is an issue that I am monitoring closely,” he said

Nestle announced in September plans to cut 450 out of 550 jobs at the reserch centre near Nice on the French riviera.

Nestle, the world’s largest packaged food firm, has come under pressure to shift gear from activist shareholder Third Point, which in June revealed a $3.5 billion stake. Nestle has satisfied some demands, such as buying back shares and setting a margin target.

Nestle employs over 12,000 people in France.

Reporting by Dominique Vidalon Editing by Jeremy Gaunt

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