Kimberly-Clark, the makers of Kleenex, Huggies and Kotex is using the new Republican tax cut plan to up profits and cut jobs. Over 5000 jobs will be eliminated even though year end profits amounted to over $18 billion. The company plans to close down 10 manufacturing plants and reduce employment by 13 percent.
Chairman and CEO Thomas J. Falk, who made a 58 million dollars in 5 years said Kimberly Clark:
"returned $2.3 billion to shareholders through dividends and share repurchases"
But that the layoffs,
" will make our company leaner, stronger and faster."
Kimberly-Clark, the maker of Huggies and Kleenex, says it will cut 5,000-5,500 jobs, about 13% of its workforce.— Kyle Griffin (@kylegriffin1) January 24, 2018
To help pay for the cuts and other restructuring moves, Kimberly-Clark said, it will use savings from the recently enacted corporate tax cut. https://t.co/6kZafTvEX0
The CFO of Kimberly-Clark just said on a conference call that the tax cuts "provides us the flexibility" to pay for the "restructuring" plan. In other words, the tax cut is funding the job cuts.— Nathan Bomey (@NathanBomey) January 23, 2018
People are beyond fed up and disgusted by the ongoing corporate greed.
Since the #GOPTaxScam was signed into law:— Pé Resists (@4everNeverTrump) January 24, 2018
—Walmart announced dozens of Sam's Clubs will close
—Bank of America instituted new fees on low-income accounts
—Kimberly-Clark laying off 5000+ people
—Toys R Us will close 180 stores
—Carrier still moving jobs to Mexico
Most of the anger was directed at Donald Trump and the Republican party.
To help cut costs in my household, I will quit buying any of their product. Dang I liked so many of them and buy all the time. I stand with all the employees who have to stand in unemployment lines because of Kimberly Clark. How is Trump~economics working out for the employees?— Mary Ω (@Iwitness1111) January 25, 2018
Kimberly-Clark is using Trump’s tax cut to pay for it’s restructuring plan that will cut 5,500 jobs & close 10 mfg plants.— Maggie Jordan: (@MaggieJordanACN) January 24, 2018
Where's that money going?
They also announced:
4th qtr profit of $812M
Net sales rose $18.3B, up from ‘16
$3.3B profit, down slightly from ‘16 https://t.co/4FdpZV1Obh
So much winning for the rich!