COPENHAGEN, April 20 (Reuters) - Arla Foods, one of the world's biggest dairy companies, said on Friday it will initiate a cost-cutting programme that will help the company save 400 million euros ($493.52 million) by the end of 2020.
The move comes "as a result of the extent of the company's exposure to the British pound and unfavourable developments in commodity markets," Arla said in a press release.
The firm - owned by 11,200 farmers in Denmark, Sweden, Germany, Britain, Luxembourg, the Netherlands and Belgium - is competing with food giants such as Danone and Nestle . ($1 = 0.8105 euros)
Reporting by Jacob Gronholt-Pedersen, Editing by Sherry Jacob-Phillips