St. Louis-based Energizer cutting 1,500 employees in attempt to save $200 million
ST. LOUIS (KMOV / AP) -- Energizer plans to cut roughly 10 percent of its workforce as part of a cost-cutting overhaul.
The St. Louis-based company said Thursday that it expects to shed about 1,500 employees. When finished, the restructuring should lead to $200 million in pretax yearly savings, Energizer said. It aims to have most of its restructuring steps finished by the end of September 2014.
The news, released along with the company’s quarterly results after the close of regular trading, helped send Energizer’s stock up nearly 6 percent in after-hours trading.
“These actions represent significant and necessary changes to our overall cost structure and organization,” said Ward Klein, chief executive, according to a statement.