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Kimberly-Clark Lays Off 1,600 Workers

Stock quotes in this article: KMB , PG , WMT , COST  

Kimberly-Clark(KMB Quote) announced today that it will cut 1,600 jobs, or 3% of its workforce, in an effort to pare down costs and compete with rivals and private label brands.

As unfortunate as the layoffs are to their workers, there are really no surprises here; Kimberly-Clark has been on a four-year cost-elimination binge. The plan includes cutting 6,000 jobs and closing 20 manufacturing plants. Earlier this year the company froze pension plan benefits for U.S. non-union employees.

The job cuts announced on Thursday will affect all regions and businesses, but do not include closing any factories. ...

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