ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Wednesday, December 6, 1995 TAG: 9512060066
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
DATELINE: WOOSTER, OHIO
Consumer products maker Rubbermaid Inc. will cut up to 1,260 jobs, or 9 percent of its work force, as part of a two-year effort to streamline the company, officials said Tuesday.
Rubbermaid, which makes plastic and rubber housewares, health care products, toys and office furniture, also will sell nine properties involved in manufacturing or distribution. The changes will result in a charge against earnings in the fourth quarter.
Chairman Wolfgang R. Schmitt said the company's manufacturing and distribution operations are being reconfigured to ``increase our competitive position, while still giving our customers the broadest assortment of plastic and rubber products available.''
Schmitt also announced elimination of some products and consolidation of European administrative offices into its European headquarters in Luxembourg.
The company did not specify which of its facilities would be closed or sold. It has operations in the United States, Canada and Europe.
A Rubbermaid spokeswoman said Tuesday the company will close out the year with about 14,000 employees.
In 1994, Rubbermaid earned $228.1 million, or $1.42 per share, up 8 percent from 1993. In trading on the New York Stock Exchange, the company's shares gained 621/2 cents to close at $27.50.
- Associated Press
LENGTH: Short : 35 linesby CNB