Gift wrap firm issues bad tidings
A gift wrap and Christmas cracker firm says it will rationalise its manufacturing operation in response to a slump in recent trading
International Greetings, which has around 1,000 UK-based production staff, will also look to dispose of non-core or underperforming businesses.
The Hertfordshire-based firm blamed a disappointing Christmas and a slowdown in consumer spending seen so far this year.
International Greetings has a number of plants in south Wales employing around 350 people, a figure which is subject to seasonal variation.
While the company could not give guidance on jobs, a spokesman said it was intended that the operations in south Wales will remain the hub of the company's UK manufacturing and distribution activities.
However, it is likely that some of the work undertaken at the sites will be outsourced.
International Greetings said the early work of its review found that its UK facilities, together with those in Eastern Europe and China, were unable in their current form to deliver acceptable profit margins.
As a result it will look for its UK greetings division to adopt a market-led rather than volume-driven business model.
Image: Gift wrap firms sends out bleak message on disposals