Henkel to Cut Jobs, Sell Ecolab Stake

Baker: Ecolab share buyback possible. Henkel says it will shed about 3,000 jobs, about 6% of its total workforce, as part of a global cost-cutting initiative. The company cites “changing market conditions, especially with regard to ever stronger competition and increasing cost pressure.” The move is expected to yield annualized cost savings of €150 million by 2011. The restructuring is likely to entail “a lot of small measures” across all regions and business units, Henkel says. The company anticipates total restructuring charges of...

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