- THE MAGAZINE
The disclosure of job cuts came as the company reported a 50 percent drop in first-quarter earnings and warned that second-quarter and full-year earnings will fall short of expectations, sending its stock down sharply, the press release said.
The job cuts will be done over three years and are part of a streamlining initiative, under which Newell Rubbermaid will consolidate some manufacturing plants. The plan is expected to save more than $100 million annually, the company said.
The plan will result in $250 million to $300 million in restructuring and other charges over the next three years, the company said.