Newell Rubbermaid Inc., which makes its eponymous containers and Sharpie markers, said it will trim its workforce by more than 10%, shake up its executive leadership and rework its organizational structure to help streamline the company.
The cuts amount to nearly 2,000 jobs over the next 2-1/2 years and are part of Rubbermaid’s Project Renewal, which hopes to save up to $325 million a year by mid-2015. The funds will be reinvested into growth initiatives globally, according to the company.
Several other large companies, such as Dow Chemical Co. earlier this week, have resorted to slashing jobs in order to keep costs manageable.
Rubbermaid will also rework its...