Summary
Colgate-Palmolive Company (CL) filed an 8-K on October 30, 2015, primarily to announce its third-quarter 2015 earnings and an expansion of its Global Growth and Efficiency Program. The earnings press release, filed as Exhibit 99, provides details on the company's financial performance for the quarter ended September 30, 2015. While the specifics of the earnings are not detailed within this 8-K, the filing indicates that this information was made public on October 30, 2015. More significantly for investors, the company announced an extension and expansion of its 2012 Restructuring Program through December 31, 2017. This expansion is partly funded by the sale of its South Pacific laundry detergent business. The program's focus areas remain on commercial hubs, shared business services, global functions, and supply chain optimization. The company anticipates the expanded program to yield a similar after-tax rate of return (around 30%) as the original program, suggesting continued efforts to improve operational efficiency and profitability.
Key Highlights
- 1Colgate-Palmolive announced its third-quarter 2015 earnings on October 30, 2015, via a press release (Exhibit 99).
- 2The company is extending its Global Growth and Efficiency Program (2012 Restructuring Program) through December 31, 2017.
- 3The expansion of the restructuring program is funded in part by the divestiture of the South Pacific laundry detergent business.
- 4Key initiatives under the expanded program will focus on commercial hubs, shared business services, global functions, and supply chain optimization.
- 5The company expects the expanded restructuring program to achieve an after-tax rate of return similar to the existing program, estimated at around 30%.
- 6The 8-K is being furnished under Item 2.02 (Results of Operations and Financial Condition) and Item 2.05 (Costs Associated with Exit or Disposal Activities).