Kimberly-Clark Lays Off 1,600 Workers

Kimberly-Clark is also feeling pressure from restaurants and other businesses it serves, which have been hit hard by the recession.

In the first quarter, earnings sank 8%, the sixth consecutive quarter it saw a decline in profit. During the quarter, it earned $407 million, or 98 cents a share, compared with $441 million or $1.04 in the same period last year.

Shares of the company slipped .5% to $51.58 in morning trading.