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.
The prospective Russian unmanned underwater vehicle Poseidon will be launched for the first time this fall