https://www.marketwatch.com/story/newell-brands-to-lay-off-13-of-staff-amid-restructuring-01674485305

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 1. Home
 2. Industries

Newell Brands to lay off 13% of staff amid restructuring

Published: Jan. 23, 2023 at 9:48 a.m. ET
By

Emily Bary

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Referenced Symbols

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    NWL
    +6.11%

Newell Brands Inc. NWL, +6.11%, the parent company of Rubbermaid,
Sharpie, and other brands, announced Monday that it planned to cut
about 13% of office positions as it looks to reduce costs. The
company expects to see annualized pre-tax savings of $220 million to
$250 million as the result of its broader restructuring and
cost-savings plan. Newell Brands expects that it will start the
layoffs in the first quarter of 2023 and be mostly done by the end of
the yer. Newell Brands had 32,000 employees as of Dec. 31, 2021,
according to its latest 10-K, which was filed in February 2022. The
company is also moving to consolidate its five operating segments
into three. "These actions are a continuation of the simplification
agenda that we have driven over the last four years and in response
to the difficult macro environment," Chief Executive Ravi Saligram
said in a release. Shares of Newell Brands were up nearly 4% in
morning trading Monday.

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About the Author

[mw-bio]
Emily Bary
  

Emily Bary is a MarketWatch reporter based in New York.

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