The food and drink industry is about to be hit by a wave of redunancies, with Cadbury, PepsiCo and Bakkavör announcing massive job losses this week. Cadbury’s decision to streamline the business and reduce costs comes despite its announcement of a robust trading performance for the third quarter.

Its Britain, Ireland, Middle East and Africa (BIMA) operating structure, along with Americas, Europe and Asia-Pacific will be abolished and the changes will see 0.5% of its employees lose their jobs, including senior managers. Matt Shattock, president of Cadbury in BIMA has been made redundant, alongside 249 other staff. The company also announced 330 job cuts to its Australia and New Zealand business.

“Our streamlined organisation, with additional cost reduction initiatives, will increase the focus on implementing our strategic plans and underpin delivery of our margin targets,” said CEO Todd Stitzer. Meanwhile, PepsiCo is cutting 3,300 jobs as part of its aim to raise $1.2bn (£0.69bn) in pre-tax savings within three years. It posted a 4% fall in operating profit for its third quarter.

Bakkavör has also announced up to 750 jobs are at risk in the UK.