Jobs to go in Caltex restructure

CALTEX Australia will cut jobs as part of a review of its operations as it looks to offset the impact of losing its supply contract with Woolworths.

The fuel retailer yesterday announced a restructure which will result in the loss of 120 jobs and deliver initial cost savings of about $60 million.

Caltex chief executive Julian Segal did not rule out asset sales or demergers in the future. “Certainly at this stage the two businesses are very much interdependent, but in time there could be a conclusion that those assets might be delivering more value to the business in a different structure,” he said. “Nothing is off the table.” Caltex will merge its wholesale, refining and import functions into a fuels and infrastructure business, while its petrol and convenience business will make up a retail division.