Henkel Cuts Costs, Ups Profits | Business| Economy and finance news from a German perspective | DW | 17.11.2003
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Henkel Cuts Costs, Ups Profits

German detergent and cosmetics giant Henkel raised profits by 13.4 percent despite declining revenues in the company's German home market. During the first three quarters of 2003, Henkel's revenues came in at €7 billion ($8.2 billion). The company generated €356 million ($419.6 million) in profits, in part due to a cost cutting program. Over three years, the Düsseldorf-based company wants to lower costs by €155 million ($182.7 million). 2,500 jobs have been elminated as part of the cuts. Henkel now still has about 49,000 employees worldwide.