Newell Rubbermaid plans to cut more than 1,900 jobs, or about 10 percent of its worldwide workforce, over the next two and a half years.
The consumer products company, known for Sharpie pens and its namesake containers, said Friday that all savings from the job cuts will be reinvested into growing its brands globally and adding new sales capabilities in emerging markets.
Newell Rubbermaid also said that its business will be restructured under two groups, a development organization and a delivery organization.
The announcement came as the Atlanta-based company reported third-quarter adjusted results that topped Wall Street’s expectations. Newell Rubbermaid also raised its quarterly dividend by 50 percent to 15 cents per share.
Its shares rose 50 cents, or 2.5 percent, to close at $20.59 Friday after rising as high as $21.23 earlier in the session. That was its highest level in more than four years, according to FactSet.
Newell Rubbermaid Inc. said development organization will include segments such as tools, commercial products, writing, baby and parenting, home solutions and specialty. These six segments are down from the company’s previous nine.
The group will also house Newell Rubbermaid Inc.’s marketing, design, insight, research and development and corporate development staff.
Mark Tarchetti, previously head of global corporate strategy at Unilever, will lead the development organization. He will join Newell Rubbermaid in January and serve as chief development officer.
The delivery organization will include the company’s general management, supply chain, customer and channel development…
Read more: Washington Post
