News Summary: Newell Rubbermaid cuts jobs
THE NEWS: Newell Rubbermaid plans to cut more than 1,900 jobs, or about 10 percent of its worldwide workforce, over the next two and a half years.
THE BIG PICTURE: The consumer products company, known for Sharpie pens and its namesake containers, also said Friday it swung to a third quarter profit. Revenue was nearly flat at $1.54 billion. Quarterly results topped expectations and Newell Rubbermaid also raised its quarterly dividend.
WHAT'S NEXT: Newell Rubbermaid is embarking on a restructuring and said that it will name a global chief supply chain officer in the coming weeks.