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SMALL BUSINESS
Huggies, Kleenex Maker Cuts 1,600 Jobs
AP
posted: 155 DAYS 12 HOURS AGO
filed under: Financial Crisis
DALLAS (June 25) - Kimberly-Clark Corp. said Thursday it will cut
1,600 jobs, or 3 percent of its global work force, as it slims down
in the tough economy.
The maker of Kleenex tissues, Huggies diapers and other products
employs 53,000 people around the world. It plans to make the cuts
primarily among salaried and non-production workers. It does not
plan to close any plants.
The company has reported a drop in quarterly profit for the past
six quarters as consumer bought less amid high unemployment and the
housing downturn. Kimberly-Clark was also hurt as the value of the
dollar rose relative to other currencies -crimping profits from
overseas sales - and consumers traded down to private label
products.
Kimberly-Clark expects the job cuts to save about $150 million a
year, or about 25 cents per share. It will mostly affect
second-quarter results, when the company will record $110 million
of the costs. It estimates total costs of $140 million to $150
million for the restructuring.
In the second half of the year, the company expect the
restructuring will translate into savings of 10 cents per share.
"These actions, while difficult, are necessary to help us
emerge from this demanding economic environment as a stronger
company," CEO Tom Falk said in a statement.
Shares fell 43 cents to $51.34 in morning trading.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-06-25 09:00:21
COMMENTS ( 51 )
Mediamall
2:32PM Jun 26 2009
Kimberly-Clark uses trees from old-growth forests. That's why many of us boycott their products. I hate to see anyone lose their job, but perhaps the company will look at changing their policy.
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Phkloa11
12:38AM Jun 26 2009
Mr. Vanity Obama is too busy looking at himself in TV monitors to worry about the newly unemployed who mistakenly voted him into the presidency looking for change.
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SGGoods
10:54PM Jun 25 2009
All you idiots who bash Obama crack me up, ha, ha, and the article is not even about him. Take your meds before you read. You bashed Bush too, and the irony is, you voted for both of them! Ha, ha... Time to move out of your mother's basement and get a full time job, ha, ha!!!! Retards.
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MartyJung
9:01PM Jun 25 2009
Will the obama man declare a day of national mourning for the jackson boy ??? Just think - no more white boys will be raped by this jungle jumpin' savage ...
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MartyJung
8:59PM Jun 25 2009
Don't they know that the 'stimulus' is working ??? DAMN !!!
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