Nordic Business Report-January 11, 2007-Fazer Group to cut 120 jobs at its bakeries division (C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com Finnish meals, bakery products and confectionery company Fazer Group said on Wednesday (10 January) that it has started personnel negotiations concerning employees at its bakeries division Fazer Leipomot Oy. The negotiations are expected to result in cutbacks of some 120 employees. The need for the negotiations has arisen from changes in the operating environment, rising costs and resulting unsatisfactory profit development. Fazer Group, headquartered in Helsinki, Finland, offers meals, bakery products and confectionery and operates in a total of nine countries. Fazers most important associated company is Cloetta Fazer AB. Fazer Groups turnover for 2005 was EUR986m and the company employs some 15,000 people. One British pound (GBP) is worth approximately 1.49 euros (EUR). ((Comments on this story may be sent to [email protected]))