Colgate to Cut 3,000 Jobs in Global Restructuring

Colgate-Palmolive Co., maker of home and personal care products, on Wednesday announced a sweeping restructuring that will slash 3,000 jobs, or 8.5% of its worldwide work force, over the next two years.

The company, known for brand-name products such as Colgate toothpaste, Palmolive cleansers and Hill’s pet food, said it will close 24 factories out of its worldwide total of 112.

About 75% of the restructuring will take place in North America and Europe, including its Hill’s Pet Nutrition business and some Latin American units, including Mexico.

Colgate said it will take a charge in the third quarter of $369 million, or $2.54 a share, which will result in a loss for the quarter and a cut in income for the full year.

The company’s stock closed at $67.125, down $4.625, on the New York Stock Exchange.

Colgate currently has a worldwide staff of 36,000.

New York-based Colgate said it expects 1995 second-half worldwide sales and unit volume to show “excellent growth” but said earnings will be hurt by delayed economic and business recovery in Mexico, where the company has major operations.