Colgate to Cut About 12% of Jobs to Increase Profit
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Colgate-Palmolive Co. will cut about 4,440 jobs and close a third of its factories and put the savings into advertising and product development amid rising competition with Procter &amp; Gamble Co.
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Colgate-Palmolive Co. (CL.N: Quote, Profile, Research) will cut about 4,400 jobs, or 12 percent of its work force, and close nearly a third of its factories under a restructuring
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Colgate-Palmolive Co. (CL.N: Quote, Profile, Research) on Monday warned that second-half earnings will fall well short of Wall Street forecasts due to higher marketing spending.
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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General Motors Corp. said Thursday it will slash 12,000 jobs from its money-losing European operations -- nearly one in five of its jobs there -- by the end of 2006 in order to save $617 million per year.
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Colgate-Palmolive Co., the world&#39;s largest toothpaste maker, said second-half profit will fall because of higher marketing costs to fend off Procter &amp; Gamble Co.
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Bank of America began cutting jobs Wednesday but officials would not confirm how many or where. But a spokeswoman said cuts were occurring, and would eventually reach 12,500, the same number given in spring when the merger became final.
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The company said it planned a major job shift to cut costs, saying the reorganization will affect 1,650 jobs, or nearly 12 percent of its work force.
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About 1,000 employees at Fleet branches across the Northeast got the ax yesterday - and thousands more job cuts are on the way as new owner Bank of America Corp. aims to hit its goal of reducing total employment by 12,500.
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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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General Motors Europe announced yesterday that it will cut 12,000 jobs on the continent by the end of 2006 in a plan aimed at saving US$617 million per year.
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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 world&#39;s largest toothpaste maker, said second-half profit will be less than analysts&#39; estimates because of higher marketing and raw material costs.
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The company will cut more than 6 percent of its shrinking work force, as part of a plan to improve sagging financial and operational results.
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Colgate-Palmolive Co. CL.N on  Wednesday said profit fell in the third quarter because of  increased marketing spending and higher costs for raw  materials.
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Toothpaste company Colgate is cutting more than 4,000 jobs and closing a third of its factories worldwide.
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General Motors&#39; loss-making European division is to cut 12,000 jobs in a bid to save $665m (Â£347m) annually. The redundancies will affect a fifth of its workforce, with 10,000 positions going at Opel plants in Germany.