Kimberly-Clark Layoffs: KMB to Cut Up to 1,300 Jobs

The company is looking to reduce costs

By Karl Utermohlen, InvestorPlace Writer Oct 21, 2014, 12:37 pm EDT October 21, 2014

Kimberly-Clark (KMB) is eliminating up to 1,300 jobs over the next few years as part of a restructuring process.

The company will be laying off 2% of its workforce of 58,000 with the purpose of reducing costs. Its restructuring process will be complete by the end of 2016.

This process will cost the company between $130 million and $160 million. Kimberly-Clark layoffs will help the company save between $120 million and $140 million by the end of 2017.

The company also lowered its adjusted profit for the next quarter from a range of $6 to $6.15 per share to a range of $5.93 to $6.03 per share. The move comes following Kimberly-Clark’s decision to spin off its health care business.

KMB stock is up 2.6% Tuesday afternoon.

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