Reuters.By Michael Elkins
Newell Brands(NASDAQ:) is up almost 6% in mid-day trading after the consumer goods maker announced a restructuring and savings initiative labeled Project Phoenix.
The initiative aims to strengthen the company by leveraging its scale to further reduce complexity, streamlining its operating model and driving operational efficiencies. The plan is expected to result in the elimination of approximately 13% of office positions. The company will begin reducing headcount in the first quarter 2023.
We are taking action to simplify and strengthen our organization by leveraging the scale and power of One Newell to optimize our cost structure and operate more efficiently. Specifically, we are evolving our operating mod…
Read the full article at: https://au.investing.com/news/stock-market-news/newell-brands-trades-up-following-restructuring-plans-432SI-2767679