Source Pravda.Ru

Colgate tries to save money cutting jobs

Colgate-Palmolive, the world's largest toothpaste maker, plans to lay off 4,400 people over the next four years.

That would cut Colgate's 37,000-person workforce by about 12 percent. Company officials say they will close about one-third of their 78 factories worldwide, says Voice of America.

Colgate-Palmolive also faces increasing competition from larger rival &to=http:// english.pravda.ru/comp/2002/07/19/32847.html ' target=_blank>Procter & Gamble Co. which has taken big bites of the market with an increased focus on skin-care and beauty products as well as pet care products.

In September, Colgate-Palmolive issued a rare warning that its profits would fall short of expectations as it faces tougher competition and increased expenses as it headed into the last quarter of the year.