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December 18, 2000
By: TOM BRANNA
Editor
The Gillette Co. said Monday it plans to cut about 2,700 jobs, or 8% of its workforce, and close eight factories over the next year to reduce costs so it can improve profit.Gillette also said first-quarter profit will be significantly below Wall Street’s expectations. During a conference call to discuss the job cuts, Chief Financial Officer Charles Cramb said Gillette anticipates first-quarter 2001 earnings of between 18 cents and 21 cents per share. The company was expected to earn 26 cents per share in the first quarter, according to the average estimate of analysts polled by First Call. Mr. Cramb said Gillette expects sales in the first quarter to slip. He also said weakness of the euro relative to the dollar is continuing to hurt Gillette’s financial performance. Mr. Cramb said Gillette is “pretty much” on target to meet analysts’ profit expectations for the fourth quarter and the full-year 2000. He said he expects earnings per share for 2000 to be between $1.17 and $1.18 per share, up 3 to 4 percent from 1999. Gillette was expected to earn $1.19 per share this year, according to the consensus estimate provided by First Call.Gillette (G: news, msgs) said it’ll take a one-time pretax charge of $572 million in the fourth quarter of 2000. On an after-tax basis, the charge will be $430 million, or 40 cents per share. The company expects the restructuring program to generate savings of more than $125 million per year. Gillette said the layoffs and other cost-cutting moves will take place over the next 12 months, across all of its businesses.“These actions will significantly improve the company’s operating efficiency, streamline the supply chain and further decrease our costs,” said Acting Chief Executive Officer Edward F. DeGraan. During the conference call, Mr. DeGraan bristled at an analyst’s suggestion that he is managing the company to achieve short-term performance improvement so that he can win the CEO’s job on a permanent basis. Mr. DeGraan was named acting CEO in October, replacing Michael Hawley. “I’m not running for sheriff in this,” Mr. DeGraan said.“I’m running the company for the best, long-term interest of shareholders.”
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