Colgate to brush off employees
Oct 25, 2012 / 6:26 am
Colgate-Palmolive will cut more than 2,310 workers, or 6 per cent of its workforce, by the end of 2016 in a push to make the consumer products company more efficient.
Colgate, which is based in New York and has 38,600 employees, wants to streamline global functions and said Thursday that it will continue to cluster single-country subsidiaries into regional hubs.
Savings for the program should total between $365 million to $435 million annually by end of 2016.
The cuts were announced on the same day that the company posted a 2 per cent increase in third-quarter net income as it ramps up advertising. Revenue slipped 1 per cent.
Consumer product companies like Colgate-Palmolive have increasingly looked outside of the U.S. to sustain growth but that has become problematic in recent years. Half of the nations in the European Union are in recession, with unemployment nearing 25 per cent in some. Even China's red-hot economy has cooled.
The stronger dollar is also hitting all companies that do business globally, with U.S. products growing more expensive at the same time that they've had to raise prices to offset higher costs for raw materials.
Read more Business News
|QHR Technologies Inc||0.61||0.00|
|Anavex Life Sciences||0.55||0.00|
|Copper Mountain Mining||1.78||+0.16|
The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year: it is easier to transport boxes in non-icy condition...
It appears as though more people these days are looking for an investment in real estate which offers cash flow returns. The fundamentals of cash flow type properties had been turned upsi...
Getintheloop Marketing Ltd. recently launched their membership platform, Getintheloop.ca. The new website offers an exclusive members area for access to discounts in the South Okanagan on premium res...
- The buck is up - a little
- Cheap deadly cars made in Brazil
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral
- Loonie dips over a quarter
- Taxman and the offshore tax havens
- Sharktopus views turns on YouTube TV
- Social media makes Disney blink
- BCE looks to cut $170 million