Colgate unveils 4-year restructuring (cuts 4,400 jobs)

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid=%7B72BFBCF9%2D64B0%2D4B89%2D8D0C%2D820DEB315224%7D&siteid=mktw

NEW YORK (CBS.MW) -- Colgate-Palmolive Co. said Tuesday it will reduce its work force by 12 percent, or about 4,400 workers, as part of a four-year restructuring designed to save $250 million to $300 million annually.

The household products giant (CL: news, chart, profile) plans to take a $550 million to $650 million charge, starting with $45 million in the fourth quarter, and $200 million in 2005.

Excluding the charges, the consumer products company reaffirmed its fourth-quarter and 2005 earnings estimates. The average estimate of analysts' surveyed by Thomson First Call puts Colgate's fourth-quarter earnings at 58 cents a share and full-year earnings at $2.41.

The stock closed Monday down 61 cents at $46.29.

...more...

[mhr]

1. The Bush Jobs Are Aplenty - Long Live Bush's Glorious Economy

Unemployed 54 Months In BushLand - I know of what I speak!

[Kahuna]

2. "Restructuring" = outsourcing.

:eyes:

[theHandpuppet]

3. Well at least those gays can't get married!

Let's keep our priorities "straight", Amerika!

And to think the Chimp-in-Chief hasn't even truly begun his second term. Things aren't looking pretty, folks.

[area51]

4. Bush economy

Watch that bush economy boom! </sarcasm> Why, psycho bitch Mary "Mad Dog" Matalin said that Bush's economy is better than Clinton's.

Herbert Hoover = GW Bush.