Colgate to cut 6 percent of workforce in 4 years

NEW YORK Colgate-Palmolive (CL) will cut more than 2,310 workers, or 6 percent of its workforce, by the end of 2016 in a push to make the consumer products company more efficient.

Colgate wants to streamline global functions and said Thursday that it will continue to cluster single-country subsidiaries into regional hubs.

Savings for the program should total between $365 million to $435 million annually by the end of 2016.

The cuts were announced on the same day that the company posted a 2 percent increase in third-quarter net income as it ramps up advertising. Revenue slipped 1 percent.

Colgate-Palmolive Co. has 38,600 employees.