Budweiser Brewing Co APAC Ltd. is planning to cut thousands of jobs this year as it looks to shrink costs, people familiar with the matter said.

Layoffs: Budweiser Brewing Co APAC plans to cut thousands of jobs in response to weak consumer demand in China, aiming for a 15 per cent reduction in operational costs.

Anheuser-Busch InBev on Thursday denied a report that thousands of job cuts were planned this year at its Asia-Pacific unit Budweiser Brewing Co APAC Ltd. Bloomberg reported on Thursday that Budweiser APAC,

The Asia-Pacific unit of brewer Anheuser-Busch InBev plans to reduce operational costs by about 15% this year and comes after it cut 16% of some 25,000 employees last year, the report added, citing one of the people.

Budweiser Brewing Co APAC Ltd is planning to cut thousands of jobs in a move to shrink costs due to weakening consumer demand in China. China will also bear the brunt of the job cuts with it accounting for over 80% of the group’s workforce,