Breaking News

Colgate Plans to Restructure, Cut Jobs

November 22, 2005

Colgate-Palmolive Company announced a four-year restructuring and business-building plan. About 12% of the company’s 37,000 employees will be affected by the changes.
The plan includes three major objectives: to further increase the company’s gross and operating profits by generating additional savings; to accelerate innovative marketing and new products and to maximize the effectiveness of global advertising and commercial investment funds.
Reuben Mark, chairman and chief executive officer, commented, “Our current excellent worldwide sales and unit volume trends, which have continued into the fourth quarter, as well as our culture of continuous improvement, provide a strong base on which to begin this four-year, business-building and profitability-increasing effort.”
The plan includes about 100 individual initiatives, many of which are already underway.
“With continuous improvement so ingrained in our organizational culture, our operational people around the world feel confident that these initiatives can take place in a seamless fashion throughout our business operations,” Mr. Mark said.
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