Foster's to Cut 300 Jobs and Close Sydney Beer Plant MELBOURNE (Dow Jones/AP) - Foster's Group Ltd., Australia's No. 1 beer maker, said Monday it will close its aging Sydney brewery to save money. The company said it will cut about 300 jobs in the next two years and save as much as 100 million Australian dollars ($60.5 million) annually within five years. The downtown Sydney site has been used to produce beer since 1835. Annual volumes have decreased from 4.5 million hectoliters a decade ago to around 2 million hectoliters presently with tougher residential laws forcing production to be scaled back. Poor road and rail access has added to production costs. ---
