Newell Rubbermaid announces plan to overhaul European operations
By APThursday, June 17, 2010
Newell Rubbermaid to revamp European ops
ATLANTA — Consumer-products company Newell Rubbermaid Inc. said Thursday that it plans to centralize its European business management in Switzerland, a move it said will boost its profit by as much as $60 million in 2012.
The company said overhaul will help the company become more efficient and more quickly get products to customers, the Atlanta manufacturer said.
“The intended actions we are announcing today to simplify our business structure, speed up decision making and shorten time to market are designed to ensure that our company is well-positioned and appropriately structured for sustainable, long-term growth in Europe,” President and CEO Mark Ketchum said in a statement.
While Newell Rubbermaid gave few details a bout the plan, a spokesman said a majority of the workers affected would be offered relocation packages to Switzerland.
Spokesman David Doolittle said it’s too early to say whether jobs would be cut and would not say how many workers would be affected or their locations.
Newell Rubbermaid makes everything from pens to strollers. It said overhaul is expected to cost about $90 million to $100 million in 2011.
The company’s shares were unchanged in premarket activity Thursday. They closed Wednesday at $16.89.
