Kimberly-Clark to cut 1,600 jobs; Badger Meter joins S&P SmallCap 600
Kimberly-Clark to cut 1,600 jobs
Dallas-based Kimberly-Clark, which has substantial Wisconsin operations, announced last week that it plans to eliminate 1,600 jobs.
The company said the job cuts will help it save about $150 million annually.
The company did not provide any details about where those jobs are located. However it did say that the workforce reductions will come from all regions and business segments of the company’s global operations and will primarily affect salaried and non-production jobs. The company said it does not plan to close any of its manufacturing facilities as part of these actions.
"These actions, while difficult, are necessary to help us emerge from this demanding economic environment as a stronger company," said Tom Falk, Kimberly-Clark chairman and CEO. "Through these changes we will be a more effective organization, with faster decision-making helping to drive efficiency throughout all aspects of our operations. In addition, by increasing our cash generation, we will be in a better position to take advantage of future growth and innovation opportunities."
Badger Meter joins S&P SmallCap 600
Badger Meter Inc., a Milwaukee-based manufacturer and marketer of liquid flow measurement and control products and technologies, has been selected for inclusion in the S&P SmallCap 600 in the industrial machinery sub-industry index. The company joined the index at the close of the market Tuesday.
"Badger Meter is pleased to be added to the S&P SmallCap 600 index," said Richard Meeusen, chairman, president and chief executive officer of Badger Meter. "We believe our inclusion recognizes Badger’s strong performance record and future growth potential."
Badger Meter, with a market cap of approximately $640 million, is one of 600 domestic companies included in the S&P SmallCap 600. Introduced by Standard & Poor’s in 1994, the index is designed to highlight U.S.-based companies with market caps in the range of $200 million to $1 billion. In addition to meeting size criteria, stocks are selected for the index based on financial viability, public float, adequate liquidity, stock price, sector representation and company type. Inclusion in the listing provides small-cap companies with increased visibility, wider coverage by securities analysts and increased stock trading.