Kimberly-Clark to cut up to 13% of workforce, close 10 factories
Jan. 30, 2018 - Kimberly-Clark Corp. says it will cut as many as 5,500 jobs, or 13 per cent of its workforce, in a new global restructuring initiative.
The company expects to close or sell approximately 10 manufacturing facilities and expand production capacity at several others to improve overall scale and cost. As part of the program, Kimberly-Clark expects to exit or divest some low-margin businesses that generate approximately 1 per cent of company net sales. The sales are concentrated in the consumer tissue business segment.
Based in Dallas, Kimberly-Clark Corp. anticipates pre-tax savings of $500 million to $550 million by the end of 2021 from the cost-cutting moves. It foresees total pre-tax restructuring charges in a range of $1.7 billion to $1.9 billion.
Kimberly-Clark’s annual sales declined for the three-year period between 2013 and 2016, according to FactSet. But annual sales rose slightly in 2017 from the prior-year period.
The company says it is looking to save more than $1.5 billion between 2018 and 2021 as part of its ongoing cost-savings program.
— With files from The Associated Press
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