Kimberly-Clark to cut 1,600 jobs

Household-products maker Kimberly-Clark said it plans to cut 1,600 jobs, or 3% of its global work force, as it slims down in the tough economy. The maker of Kleenex tissues, Huggies diapers & scores of other household items has 53,000 people around the world. It plans to make cuts primarily among salaried & non-production workers and execs said it doesn't plan to close any plants. Profits at Kimberly-Clark fell for the past 18 months, as shoppers cut back on spending because of the recession, high unemployment & housing downturn. Meanwhile revenue, that had steadily rose, began to fall late last year. Kimberly-Clark was also hurt as the value of the dollar rose relative to other currencies -- crimping profits from overseas sales -- & consumer who traded down to cheaper, store-brand products. Morningstar analyst Erin Swanson said the layoffs are a sign of acceptance by it of its financial struggles & how changing consumer behavior is affecting sales. "If a consumer is out of eggs or oil, they're probably go to run to the store to get it right away. But if they run out of paper towels, they're probably go to put it on a list & pick it up the next time they're at the store. Consumers went through what they have in their pantries -- stuff they've bought before -- & they're lengthening out that purchase cycle," she said. Kimberly, already conducted voluntary layoffs & hinted in April job cuts would be coming, said it expects cuts to save $150M a year, or 25