Newell Rubbermaid to cut staff
Sandy Springs-based Newell Rubbermaid Inc. will make job cuts in 2009, will freeze wages and salaries, will temporarily shut down certain plants, and will cut its earnings expectations for the fourth quarter and the year because of the recession.
The consumer products company said it will cut 800 to 1,000 jobs from its global salaried work force of about 10,000. The cuts will include 45 to 55 jobs at the Sandy Springs headquarters, where a total of 550 are employed, said Newell Rubbermaid spokesman David Doolittle. But he said the company still plans to bring its Graco baby products business into the Sandy Springs headquarters, creating 200 local jobs.
In addition, the company is implementing temporary shutdowns at a number of manufacturing facilities so that it can shrink inventory levels.
“We are seeing extraordinary volatility, weaker-than-expected demand, and customer inventory reductions across virtually all geographies and market segments, with trends worsening as we near the end of our fourth quarter,” Mark Ketchum, the president and CEO, said in a prepared statement. “The unprecedented rapidity of the economy’s decline makes it difficult to anticipate an economic rebound any time soon. Our expectations are for a more challenging business environment in 2009 than any we’ve seen to date.”
The company expects fourth-quarter normalized earnings of 6 cents to 10 cents a share, compared with previous guidance of 29 cents to 34 cents a share.
For the full year, the company expects normalized earnings of $1.17 to $1.21 a share, compared with previous guidance of $1.40 to $1.45 a share.
Coldwell Banker names managing broker
Diane B. Smith has been named managing broker for the Sandy Springs office of Coldwell Banker Residential Brokerage. Smith has more than eight years in the real estate industry, including experience as a real estate agent and previous manager at the Marietta West office of Coldwell Banker Residential. Her background also includes 20 years in banking.
Smith replaces Burt Cloud, who retired from management but will continue to sell real estate in the Coldwell Banker Sandy Springs office.
The Sandy Springs office, at 5252 Roswell Road, offers mortgage financing and title/closing services as well as insurance, home warranty and assistance with other home-related services.