ADVEO announces job cuts

Madrid, Spain. European wholesaler ADVEO has said it will cut more than 270 jobs over the next two years.

0

In a filing to the Spanish stock market, ADVEO confirmed that, as part of a "simplification and rationalisation process" related to the integration of its European business units and the move to a common SAP IT platform, 274 posts – about 18% of ADVEO’s non-production workforce – would be eliminated in 2014 and 2015.

The majority of the redundancies – about 160 – will affect ADVEO’s Spanish operations.

The wholesaler recently announced plans to sell off its production arm to investment fund Springwater Capital