Colgate to cut 6 percent of workforce in 4 years
Colgate-Palmolive will cut more than 2,310 workers, or 6 percent of its workforce, by the end of 2016 in a push to make the consumer products company more efficient.
New York: Colgate-Palmolive will cut more than 2,310 workers, or 6 percent of its workforce, by the end of 2016 in a push to make the consumer products company more efficient.
Colgate 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 the end of 2016.
The cuts were announced on the same day that the company posted a 2 percent increase in third-quarter net income as it ramps up advertising. Revenue slipped 1 percent.
Colgate-Palmolive Co. has 38,600 employees.
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Colgate-Palmolive said its board in a meeting held on Thursday has declared a second interim dividend of Rs 16 perequity share for the financial year 2019-20.
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