Newell Rubbermaid plans to cut more than 1,900 jobs, or about 10 percent of its workforce, over the next two and a half years as the consumer products company reorganizes its operations in a bid to boost profitability.
The company, known for Sharpie pens and its namesake containers, says that its business will be restructured under two groups, a development organization and a delivery organization.
The development organization will include segments such as tools, commercial products, writing, baby and parenting, home solutions and specialty. The delivery organization will include the company's general management, supply chain, customer and channel development employees.
The announcement came as the Atlanta company reported third-quarter adjusted results that topped Wall Street's expectations. Newell Rubbermaid Inc. It also raised its quarterly dividend by 50 percent to 15 cents per share.