Colgate-Palmolive plans to close down factories
Wednesday, December 8, 2004
NEW YORK -- Colgate-Palmolive Co., the consumer products giant behind brands like Ajax detergent and Irish Spring soap, plans to cut its worldwide work force by about 12 percent, or about 4,400 jobs, and close one-third of its factories as part of a four-year plan aimed at boosting its sales and profits. Its stock climbed nearly 8 percent. The moves announced Tuesday come as the consumer products industry has been grappling with higher costs in raw materials, gas and packaging, all of which have put more pressure on profits. Colgate-Palmolive also faces increasing competition from larger rival Procter & Gamble Co., which has taken big bites of the market with an increased focus on skin-care and beauty products.
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