Colgate overhaul to cut over 4,400 jobs
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Colgate-Palmolive, the US consumer products company, has said that it plans to close about a third of its factories and cut more than 4,400 jobs over the next four years as part of a major restructuring effort to increase profit margins.
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Colgate-Palmolive today said it is cutting 4,400 jobs and closing a third of its 78 factories around the world. The group, which makes grooming and cleaning products including Colgate toothpaste and Ajax detergent
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Colgate-Palmolive Co. CL.N said on  Tuesday it would cut about 12 percent of its 37,000-person work  force as part of a four-year restructuring plan for which it  anticipates after-tax charges of $550 million to $650 million.
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Unisys Corp. plans to cut 1,400 jobs, or nearly 4 percent of its work force, and consolidate some facility space, moves that will help yield annualized savings of about $70 million a year by 2005.
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For months, Colgate executives have been hinting that a restructuring was imminent. Still, the scope of the plan that has been unveiled is larger than many analysts had anticipated and is expected to cost $550-$650 million after taxes.
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CONSUMER goods giant Colgate-Palmolive has announced it will slash 4440 jobs and shut a third of its 78 factories worldwide in a bid to boost profits.
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Ford Motor Co.  on Friday said it  would cut fourth-quarter production by 21 percent and also  reduce third-quarter production to accelerate its turnaround  plan.
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Computer hard-drive maker Seagate  Technology  on Monday said it planned to cut about 6,000  jobs as part of its just completed &#36;1.9 billion acquisition of  rival Maxtor Corp.
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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
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German-US auto giant DaimlerChrysler is considering cutting up to 4,000 jobs at its US heavy trucks unit Freightliner.
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The announcement comes after Sprint last week reported deeper-than-expected customer losses for the fourth quarter and said it would cut about 4,000 jobs in a bid to reduce costs.
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The UK's biggest insurer Aviva announces plans to cut 4,000 UK jobs by 2008.
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The company axes 400 jobs, joining other hard drive makers in eliminating staff.
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Colgate-Palmolive (CL:NYSE - news - research) shares gained early Tuesday after the consumer products company announced a restructuring plan, which includes a 12% payroll cut.
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Goodyear Tire &amp; Rubber Co. on Friday said it plans to cut about 340 jobs over the next year, and will take rationalization charges during the third quarter in an effort to reduce costs in its engineered products and chemical divisions.
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Bank of America Corp. said yesterday it will eliminate 4,500 more jobs as it absorbs the operations of FleetBoston Financial Corp.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.