Kimberly Clark, makers of Kleenex and Huggies, says it will lay off 10-12% of its US workforce and divert the savings to shareholder dividends and capital investment (presumably robots to replace the workers, or infrastructure to import finished goods from lower-cost offshore labor markets), and it says that action was triggered by Trump's tax-cuts, which freed up the cash needed to effect the changes.
The company said it plans to use savings from the Republican tax plan to fund the cuts and other restructuring efforts, The New York Times reported. Tax savings would additionally be used for capital investments and to allocate capital to shareholders, CFO Maria Henry said in a call with analysts.
The maker of Huggies and Kleenex is firing up to 5,500 workers — and it's using Trump tax cuts to pay for the layoffs [Kate Taylor/Business Insider]
(via Late Stage Capitalism)
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