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| Version 7 | Version 8 |
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| Cadbury to cut workforce by 15% | Cadbury to cut workforce by 15% |
| (about 6 hours later) | |
| Confectionery and drinks giant Cadbury Schweppes has announced plans to cut 15% of its staff by 2011. | Confectionery and drinks giant Cadbury Schweppes has announced plans to cut 15% of its staff by 2011. |
| The UK firm said the 7,500 jobs would go as part of a cost reduction plan that would also see about 15% of its manufacturing sites close. | The UK firm said the 7,500 jobs would go as part of a cost reduction plan that would also see about 15% of its manufacturing sites close. |
| Cadbury, which employs 50,000 people globally, has yet to say whether any of its UK plants will be affected. | Cadbury, which employs 50,000 people globally, has yet to say whether any of its UK plants will be affected. |
| The firm's headquarters are in London, while its main chocolate-making factory is based in Bournville, Birmingham. | The firm's headquarters are in London, while its main chocolate-making factory is based in Bournville, Birmingham. |
| The plans represent the next step in transforming our confectionery company Cadbury chief executive Todd Stitzer See Cadbury's shares | The plans represent the next step in transforming our confectionery company Cadbury chief executive Todd Stitzer See Cadbury's shares |
| BBC Business Editor Robert Peston said the Bournville site was likely to be largely unaffected. | BBC Business Editor Robert Peston said the Bournville site was likely to be largely unaffected. |
| Cadbury has another chocolate plant in Keynsham, near Bristol, and a cocoa processing operation in North Wales. | Cadbury has another chocolate plant in Keynsham, near Bristol, and a cocoa processing operation in North Wales. |
| It also has a milk-processing facility in Herefordshire, a sugar factory in Sheffield and a medicinal confectionery business in Crediton, Devon. | It also has a milk-processing facility in Herefordshire, a sugar factory in Sheffield and a medicinal confectionery business in Crediton, Devon. |
| Cadbury's shares had fallen 1.3% by early afternoon trading in London, but regained some of its losses to end the day down 0.87% at 700 pence. | |
| 'Biggest and best' | 'Biggest and best' |
| The reorganisation will cost Cadbury about £450m in a one-off charge. | The reorganisation will cost Cadbury about £450m in a one-off charge. |
| Cadbury now expects to sell off its drinks division | Cadbury now expects to sell off its drinks division |
| But it said that as a result, its profit margins should increase from 10.1% to the mid-teens by 2011. | But it said that as a result, its profit margins should increase from 10.1% to the mid-teens by 2011. |
| "Over the past three years, we have made great strides in improving our business performance," said Cadbury chief executive Todd Stitzer. | "Over the past three years, we have made great strides in improving our business performance," said Cadbury chief executive Todd Stitzer. |
| "The plans announced today represent the next step in transforming our confectionery company from being the biggest global confectionery company to being the biggest and the best." | "The plans announced today represent the next step in transforming our confectionery company from being the biggest global confectionery company to being the biggest and the best." |
| The Transport & General Workers' Union, which represents more than 2,000 of Cadbury's UK staff, said the news of job cuts was a "grave concern". | The Transport & General Workers' Union, which represents more than 2,000 of Cadbury's UK staff, said the news of job cuts was a "grave concern". |
| "Cadbury's is an iconic British brand which is a good and successful company that is clearly profitable," said Brian Revell, the T&G's national secretary for food and agriculture. | "Cadbury's is an iconic British brand which is a good and successful company that is clearly profitable," said Brian Revell, the T&G's national secretary for food and agriculture. |
| "We have worked hard with Cadbury in recent years and co-operated in a change programme which means the UK factories are extremely efficient. | "We have worked hard with Cadbury in recent years and co-operated in a change programme which means the UK factories are extremely efficient. |
| "We are, therefore, concerned by today's announcement which we are convinced is driven by the threat of a takeover by private equity." | "We are, therefore, concerned by today's announcement which we are convinced is driven by the threat of a takeover by private equity." |
| Drinks unit sale | Drinks unit sale |
| Cadbury also said it would probably now sell off its drinks business, as part of plans to split the company in two. | Cadbury also said it would probably now sell off its drinks business, as part of plans to split the company in two. |
| The company said unnamed parties had expressed an interest in buying the Schweppes unit, which produces drinks such as Dr Pepper and 7-Up. | The company said unnamed parties had expressed an interest in buying the Schweppes unit, which produces drinks such as Dr Pepper and 7-Up. |
| This sale could raise more than £7bn, and the interested parties are said to be private equity groups. | This sale could raise more than £7bn, and the interested parties are said to be private equity groups. |
| The company is doing to itself what a private equity owner would do Robert Peston, BBC business editor Robert's comments in full | The company is doing to itself what a private equity owner would do Robert Peston, BBC business editor Robert's comments in full |
| US newspapers say two private equity consortia are looking at Schweppes, with the first comprising Bain Capital Partners, Thomas H Lee Partners and Texas Pacific Group. | US newspapers say two private equity consortia are looking at Schweppes, with the first comprising Bain Capital Partners, Thomas H Lee Partners and Texas Pacific Group. |
| The second is said to be Blackstone Group, Kohlberg Kravis Roberts and Lion Capital. | The second is said to be Blackstone Group, Kohlberg Kravis Roberts and Lion Capital. |
| Others say Schweppes could see a third offer by a group led by Canadian drinks-maker Cott. | Others say Schweppes could see a third offer by a group led by Canadian drinks-maker Cott. |
| Following the expected sale, Cadbury said it would simply remove the Schweppes part of its name. | Following the expected sale, Cadbury said it would simply remove the Schweppes part of its name. |
| The firm has been under pressure after poor European sales and a costly salmonella scare in the UK - which led to a million chocolate bars being recalled - saw profits fall sharply last year. | The firm has been under pressure after poor European sales and a costly salmonella scare in the UK - which led to a million chocolate bars being recalled - saw profits fall sharply last year. |