Kimberly-Clark shares retreat following news of factory closures
City Index October 24, 2012 10:15 PM
<p>Kimberly-Clark shares are down on the New York Stock Exchange following news it is discontinuing Huggies in Europe.</p>
On Wall Street this afternoon (October 24th) shares in Kimberly-Clark retreated following news the company will be closing two of its British nappy-manufacturing facilities.
The business has announced it will be discontinuing its well-known Huggies brand of nappies throughout Europe, with the exception to Italy, instead focusing on producing non-fastening products such as pull-ups and Little Swimmers.
As a result of this decision, it will close its nappy mill in Barton, near Hull, as well as part of its facility in Flint, North Wales, threatening nearly 440 jobs overall.
The announcement followed Kimberly-Clark's results for the three months to the end of September, during which time its net sales were down by three per cent compared to the same time in 2011, while net income rose by 17.2 per cent year-on-year to $537 million (£335 million).
At 16:30 BST, Kimberly-Clark shares were down by 0.7 per cent to $85.26 per share.
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