: Newell Brands to lay off 13% of staff amid restructuring

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Newell Brands Inc. NWL, +5.35%, 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.

This article was originally published by Marketwatch.com. Read the original article here.

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