Tupperware Brands Corpis unlikely to lay off employees or roll out a major cost-cutting programme in spite of a global recession, Chief Executive Rick Goings said on Thursday.
“The last thing to cut is your talent,” Goings said in an interview at the annual meeting of the World Economic Forum in Davos, Switzerland. “This is not a time to build new factories or excess capacity, but I don’t see any (need for) reengineering programmes out there for us.”
Instead of cutting staff, Tupperware will trim capital spending by a third this year.
“If somebody asks us, ‘Your factory in X market needs a new roof,’ this is the year we say ‘Fix the one you’ve got,'” Goings said.
Tupperware is also to buy back $40 million worth of shares in 2009. Goings said that share repurchases would take priority over dividend increases this year.
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