Freeport, Ill. (AP) -- Hurt by the weakened global economy and resulting retail slowdown, housewares and consumer products maker Newell Rubbermaid Inc. announced plans last week to cut 3,000 jobs, or about 6% of its work force, according to the Associated Press.

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.