100 axed as Genus rejigs
GENUS is cutting over 100 full-time jobs as part of a major restructuring programme to improve its performance as an independent company.
It is setting up a new team of area technicians to service customers in the breeding area of its business.
The job losses, which are hoped to be made through voluntary retirements, will mainly come from the 460 technicians.
"This restructuring will provide improved standards of efficiency and flexibility, as well as making the business more cost effective," said chief executive, Dr John Craven.
Genuss financial performance since it was hived off from the old MMB has been lacklustre. In particular it has suffered from a cyclical downturn in semen sales and increased competition from DIY AI and overseas operators. It recently cut semen prices by an average 12% to try and counter this trend.
Shareholders have not received any dividends since milk market deregulation and have been warned not to expect one in the current financial year.