Kimberly-Clark Corp. is eliminating about 5,000 jobs, or 7 percent of its global work force, in an effort to improve efficiency and profits at the manufacturer of such well-known paper-goods brands as Kleenex, Scott and Huggies.
As part of the restructuring announced Friday, Kimberly-Clark said it would sell, close or reduce operations at 18 plants.
The Dallas-based company has more than 60,000 employees and has factories in 37 countries. It had revenue of more than $13 billion last year.
The move, which will reduce after-tax earnings by $590 million in the final quarter of this year, is designed to produce annual savings of $200 million by 2000, the company said.
Wayne R. Sanders, the chairman and chief executive of Kimberly-Clark, said the restructuring would put the company closer toward achieving a goal of doubling earnings per share from operations between 1995 and 2000.
sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.