Business, Economics and Jobs

Newell Rubbermaid, maker of Sharpie pens and storage, to cut 1,900 jobs


A close up of the Sharpie Logo on the #97 Roush Racing Rubbermaid/Sharpie Ford Taurus car driven by Kurt Busch for Roush Racing during the Talladega 500.


Darrell Ingham

Newell Rubbermaid plans to cut about 10 percent of its worldwide workforce — more than 1,900 jobs — over the next two and a half years.

The Atlanta-based consumer products maker, known for Sharpie pens, Calphalon cookware and namesake containers, joins a long line of US companies trying to counter slowing sales by reducing costs.

However, the company had on Friday reported a higher-than-expected quarterly profit, Reuters reported.

A PressTV report cited a statement as saying that all savings from job cuts would be reinvested into expanding brands globally, with a focus on sales in emerging markets. 

Newell also announced a number of outside additions to its executive team including, Bloomberg reported, hiring former Unilever strategist Michael Polk.

Polk reorganized the company around two new units — one, focused on brand development, to be run by Mark Tarchetti, Unilever’s former head of global strategy, and the other focused on sales, distribution and supply, to be run by William A. Burke III, now chief operating officer.

The moves would save $180 million to $225 million by the end of the second quarter of 2015, Reuters cited the company as saying.

"We like the progress that Newell is making under CEO Mike Polk," BMO Capital Markets analyst Connie Maneaty reportedly said, applauding Polk's efforts to "funnel investment toward its most promising businesses and geographies."