Kimberly-Clark (KMB) is eliminating up to 1,300 jobs over the next few years as part of a restructuring process.
The company will be laying off 2% of its workforce of 58,000 with the purpose of reducing costs. Its restructuring process will be complete by the end of 2016.
This process will cost the company between $130 million and $160 million. Kimberly-Clark layoffs will help the company save between $120 million and $140 million by the end of 2017.
The company also lowered its adjusted profit for the next quarter from a range of $6 to $6.15 per share to a range of $5.93 to $6.03 per share. The move comes following Kimberly-Clark’s decision to spin off its health care business.
KMB stock is up 2.6% Tuesday afternoon.
More From InvestorPlace
3 Mutual Funds for Conservative Retirees
9 Hottest Christmas Toys for 2014
3 Cheap Stocks Sitting at 3-Year Lows
More Cash Doesn’t Make Sears Stock a Buy
