(Reuters) – Anheuser-Busch InBev (BUD) on Thursday denied a report that thousands of job cuts were planned this year at its Asia-Pacific unit Budweiser Brewing Co APAC Ltd.
At close: March 12 at 4:00:02 PM EDT
Bloomberg reported on Thursday that Budweiser APAC, controlled by AB InBev, the world’s top brewer, was looking to cut operational costs by about 15% this year, including via thousands of job cuts, on top of a 16% cut to its workforce of some 25,000 employees last year.
«The news report about thousands of job cuts planned for Asia in 2025 is not true,» an AB InBev spokesperson told Reuters.
«We will continue our long-term investment in China,» the spokesperson continued.
AB InBev reported forecast-beating fourth-quarter profits in February, though a 19% drop in volumes in China dragged on its performance.
The company’s portfolio of pricier beers has suffered amid a slow economy and low consumer sentiment.
(Reporting by Disha Mishra in Bengaluru and Emma Rumney in London; Editing by Tomasz Janowski)
