Kimberly-Clark to cut more than 1,000 jobs | Dallas Morning News
Irving-based Kimberly-Clark Corp. reported moderate gains in
third-quarter revenue and net income Tuesday and said it planned to cut
its workforce by more than 1,000.
The restructuring program, to improve efficiency and offset some
overhead costs related to the spin off of K-C’s health care business, is
expected to cost between $130 million and $160 million after tax and be
completed by the end of 2016. Cumulative pre-tax savings are expected
to be $120 million to $140 million by the end of 2017.
In a statement, CEO Tom Falk said the restructuring will give the
company additional flexibility to invest for future growth. ”This
effort is further evidence of how we manage our company with financial
discipline and our commitment to generate attractive returns to
shareholders,” he said.
Total job cuts are expected to be between 1,100 and 1,300 and occur
primarily among salaried employees. The company currently employs about
57,000.
K-C expects to spin off its health care business — called Halyard
Health — on Oct. 31. After that, K-C employment will be about 42,500.
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