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Business

Henkel to Cut 3,000 Jobs by 2006

Henkel, the German maker of Persil washing powder and other consumer chemical products, said that by 2006 it would cut 3,000 jobs worldwide, about 6 percent of its workforce. Henkel said it had decided on the basics of a new restructuring program and expected to accrue additional provision of about €400 million ($530 million) for measures between 2004 and 2006, excluding restructuring costs already planned for this year. As a result, it anticipated €125 million in annual savings from 2007. The company said the program -- made necessary by increasing international competition and the cost pressure from low-wage countries -- would entail 3,000 job cuts worldwide by 2006. (AFP)

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