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Downsizing at Reckitt & Colmannews
13 March 1999
Hit by economic problems in East Asia and Latin America, and by de-stocking in America, consumer products maker Reckitt & Colman, plc, of the UK plans to shave 30 to 40 million pounds sterling in annual costs. The one-off cost of doing that will be 60 million pounds sterling, according to the group's acting chief executive Michael Turrell. Mr Turrell is temporarily in charge after the group's former chief executive quit abruptly in January.

Reckitt & Colman is known for its Dettol antiseptic, Lysol disinfectants, and Harpic disinfectants will bring down its stock and debtor levels in order to release 50-100 million pounds sterling. The group, which operates 42 plants worldwide, will also reduce its global workforce from its current level of 16,000.

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Downsizing at Reckitt & Colman