End of era: No more Colgate toothpowder
FMCG major Colgate Palmolive India on Wednesday said toothpowder manufacturing operations at its Waluj factory in Maharashtra were discontinued with effect from May 5, following a voluntary retirement scheme (VRS) “accepted by its employees”.
“The voluntary retirement scheme which was offered to the employees of the toothpowder manufacturing factory of the company at Aurangabad has been accepted. Since all workmen accepted the offer under the said scheme, the toothpowder manufacturing operations at the Aurangabad factory have been discontinued effective May 5, 2015,” the company said in a BSE filing.
However, the company said the shelving of operations at the above facility will not impact its toothpowder business as the company has sufficient inventory and alternatives to cater to market demand. Last week, Colgate Palmolive had announced the VRS for employees at its Waluj facility.
It had said the acceptance of this offer “is likely to improve its competitive strength”. The compensation package offered under the scheme is “consistent with the company’s caring approach”. Shares of Colgate Palmolive were trading at Rs 2,031 in the morning trade, down 1.57 per cent from its previous close on BSE.