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India.com
23-05-2025
- Business
- India.com
This IT firm to promote 15000 employees in India alone, 50000 worldwide, not Ratan Tata's TCS or Narayana Murthy's Infosys, but it is…
IT giant Accenture is set to promote around 15,000 employees in India in June 2024. This promotion is part of Accenture's global promotion drive, under which over 50,000 employees worldwide will get advancements in their roles. Ajay Vij, the company's Senior Managing Director in India, shared this information in an internal email to employees. He mentioned that during the entire fiscal year 2024-25, more than 43,000 employees in India would be promoted. In December, Accenture did some stay-at-level (base pay) increases for some employees. Between June and December, a majority of Indian employees will have got base pay increases. 'As a reminder, bonus and performance equity decisions for those eligible will continue to be made as part of the December cycle, and we will also continue to evaluate the opportunity for stay-at-level increases at that time,' Vij added. In September 2024, the Ireland-headquartered firm permanently shifted its promotion cycle from December to June, citing better visibility of client spending and demand. 'We've now permanently shifted that promotion cycle, so we will do our big promotion cycle in June, and our smaller one in December, to better match when our clients are setting their budgets and we have better visibility, and that's what we're seeing again. 'The justification for that is clear that we'll really know IT spending and spending on our services in the budgets in January and February,' Accenture CEO Julie Sweet had said during the company's earnings call in September. Accenture is one of the largest employers in the Indian IT services sector, with over 3,00,000 staff. Its global employee count stands at 7,74,000. Accenture reported revenues of USD 64.90 billion in FY24. (With Inputs From PTI)
Time of India
23-05-2025
- Business
- Time of India
Accenture to promote 15,000 Indian employees in June, 43,000 in FY25
New Delhi, Global IT firm Accenture will promote around 15,000 employees in India as part of a global promotion drive of nearly 50,000 staff in June this year. "I am writing to share and celebrate with you that Accenture will promote almost 50,000 people around the world in June, including approximately 15,000 people in India. In total, across all of FY25, more than 43,000 of our people in India will have received a promotion," Accenture India Senior Country Managing Director Ajay Vij wrote in an internal memo to employees, seen by PTI. Accenture follows a September-August financial year. In December, Accenture did some stay-at-level (base pay) increases for some employees. Between June and December, a majority of Indian employees will have got base pay increases. "As a reminder, bonus and performance equity decisions for those eligible will continue to be made as part of the December cycle, and we will also continue to evaluate the opportunity for stay-at-level increases at that time," Vij added. Promotions and base pay increases will be internally communicated to employees between May 26-29. In September 2024, the Ireland-headquartered firm permanently shifted its promotion cycle from December to June, citing better visibility of client spending and demand. "We've now permanently shifted that promotion cycle, so we will do our big promotion cycle in June, and our smaller one in December, to better match when our clients are setting their budgets and we have better visibility, and that's what we're seeing again. "The justification for that is clear that we'll really know IT spending and spending on our services in the budgets in January and February," Accenture CEO Julie Sweet had said during the company's earnings call in September. Accenture is one of the largest employers in the Indian IT services sector , with over 3,00,000 staff. Its global employee count stands at 7,74,000. Accenture reported revenues of $64.90 billion in FY24.
RTÉ News
01-05-2025
- Business
- RTÉ News
Smurfit Westrock's US orders steadying after rocky six weeks
US order books at the world's largest cardboard box maker Smurfit Westrock are steadying after "a lot of weakness" in March and early April amid falling consumer confidence, the company's chief executive Tony Smurfit said today. Smurfit said the Ireland-headquartered company was "seeing a lot of nervousness" among its customers that span the household goods, food and pharmaceutical sectors in relation to tariffs but that it had not yet translated into "any material issue". He made the comments after the packaging giant reported first quarter core profit of $1.25 billion, in line with its guidance, and forecast a 6% to 11% rise in full year earnings to between $5 billion and $5.2 billion. "We did see a lot of weakness in March and the first two weeks of April. It seems to be steadying itself, our order books are getting better in the second half of April than they were in the six weeks prior to that. That gives us some encouragement," Tony Smurfit told an analyst call when asked about the US market. Smurfit Westrock expected some recovery in the second half of the year but not the kind of bounceback some competitors were talking about that would require a level of consumer confidence that is not currently seen in surveys, he added. Smurfit said the European market was a bit better and that while demand may not be strong, it is "reasonable" and on an improving trend. While it largely sells to customers within each of the 40 countries in which it operates, Smurfit said it has adjusted its US/Canada supply chains in response to tariffs to cut out the previous large amount of cross border trade. Smurfit Westrock was formed when Smurfit Kappa, the largest paper packaging producer in Europe, completed its $11 billion acquisition of US rival WestRock last July. Tony Smurfit said today's results were driven by good results across all three segments, with notable progress in North America, and is significantly ahead of the combined result for the previous year. "I am especially pleased with how well the combination has come together, with strong operational and cultural integration taking place across all three regions," he said. "Coupled with our geographic footprint and our unrivalled portfolio of innovative and sustainable packaging solutions, we have a customer-focused and performance-driven team that is delivering for all stakeholders," he said. Mr Smurfit said the company's synergy programme is on track to deliver $400m, with about $350m in the current year. "We believe there is substantial opportunity to continue to structurally improve the business through a sharper commercial and operational focus, at least equal to our synergy target," he said. He also sai the company continues to actively optimise its asset base and recently announced the closure of over 500,000 tons of paper capacity in North America. "We are also closing two converting facilities in our North American region and have initiated consultations to close two of our converting facilities in EMEA & APAC," he stated. Smurfit WestRock shares had fallen by 6.7% this quarter and lost 22% so far this year.
Reuters
01-05-2025
- Business
- Reuters
Box maker Smurfit Westrock's US orders steadying after rocky six weeks
DUBLIN, May 1 (Reuters) - U.S. order books at the world's largest cardboard box maker Smurfit Westrock are steadying after "a lot of weakness" in March and early April amid falling consumer confidence, chief executive Tony Smurfit said on Thursday. Smurfit said the Ireland-headquartered company was "seeing a lot of nervousness" among its customers that span the household goods, food and pharmaceutical sectors in relation to tariffs but that it had not yet translated into "any material issue". here. He made the comments after the packaging giant reported first quarter core profit of $1.25 billion, in line with its guidance, and forecast a 6% to 11% rise in full year earnings to between $5.0 billion and $5.2 billion. "We did see a lot of weakness in March and the first two weeks of April. It seems to be steadying itself, our order books are getting better in the second half of April than they were in the six weeks prior to that. That gives us some encouragement," Smurfit told an analyst call when asked about the U.S. market. Smurfit Westrock expected some recovery in the second half of the year but not the kind of bounceback some competitors were talking about that would require a level of consumer confidence that is not currently seen in surveys, he added. Smurfit said the European market was a bit better and that while demand may not be strong, it is "reasonable" and on an improving trend. Smurfit Westrock's UK-listed shares were 2.4% lower at 1230 GMT. While it largely sells to customers within each of the 40 countries in which it operates, Smurfit said it has adjusted its U.S./Canada supply chains in response to tariffs to cut out the previous large amount of cross border trade.
Yahoo
29-04-2025
- Business
- Yahoo
Bakkavor exits China with sale of operations to local firm
Fresh products supplier Bakkavor, which is the subject of a takeover proposal by peer Greencore, is selling its operations in China. In a transaction that UK-headquartered Bakkavor put at around £50m ($66.9m), the China business is being offloaded to Lihe Xing (Qingdao) Food Technology Co., which is wholly owned by Lihoo's (Qingdao) Food Industry Company, according to a statement today (29 April). Bakkavor, a private-label producer of ready meals to fresh salads and dips, added the deal includes seven manufacturing facilities in China. It said Bakkavor China Holdings supplies the retail and foodservice channels with salads, ready meals and sandwiches. The business generated revenue last year of £105m, while the factories employ around 2,300 people. 'Over the last two years, Bakkavor has made significant progress in simplifying its operations in China and, as part of its previously stated review of its strategic options, this sale completes the group's exit from the region,' the London-listed business said. CEO Mike Edwards added: 'With strong foundations in place, we are confident that going forward the business and its stakeholders will benefit from Lihoo's local expertise and experience as a frozen and fresh meal manufacturer. "Over the last 20 years, we have built a great business in China and I would like to thank all our China colleagues for their contribution to the significant progress we have made in recent years.' The transaction needs regulatory approval in China and if that is forthcoming, the deal is expected to close in the second half of this year. Bakkavor added that as of the end of December, the 'carrying value' of its assets in China was £39m, with a 'net profit on disposal' expected to be around the £15m mark. The China operations were 'historically dilutive' to the company's adjusted operating profit margin, Bakkavor said, as it seeks to achieve a 'medium-term' margin target of 6%. That margin was 5% in 2024, up 70 basis points from the previous year, Bakkavor revealed in March when it published its annual results. Adjusted operating profit increased 20.5% to £113.6m based on group revenue of £2.29bn, which represented a 4% gain on the corresponding period. Adjusted EPS was 12.3 pence, compared to 8.8p. Greencore, meanwhile, was given an extended period to conclude its bid for Bakkavor earlier in April, with the UK Panel on Takeovers and Mergers granting the target company's request for an extension to 9 May. Ireland-headquartered Greencore first made an approach for Bakkavor in March but had two offers turned down. A revised offer in the potential £1.2bn deal was then preliminarily agreed 'in principle' by the boards of the two companies. Markets are now waiting on Greencore's next move. The Dublin-based business has said the planned acquisition would create a 'leading' UK convenience food business with a combined revenue of around £4bn. "Bakkavor exits China with sale of operations to local firm" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
