Kimberly-Clark has announced it will close 10 plants and eliminate 5000-5500 jobs, or about 13% of its workforce, as part of a 2018 Global Restructuring Program, the largest restructuring effort undertaken by the company since Global Business unit launched in 2003.

Calling the program the latest example of a proactive and strategic approach to improving K-C so it can win in the marketplace, executives unveiled the program at K-C’s fourth quarter and full year earnings call.

“We remain optimistic about our business,” CEO Tom Falk says. “We have many strong brands and we are present in some strong growth markets, particularly in emerging economies.”

The plan is expected to save between $500-550 million by 2021. It also includes the divestment of lower margin businesses, mainly in the consumer tissue segment, which represent only about 1% of corporate sales.

Executives would not comment on the specifics of the soon-to-be-divested businesses nor would they comment on the locations of the 10 plants to be shuttered, saying only that most major world regions would be affected and the plants would likely be closed not sold.

The restructuring savings will be on top of an expected $1.5 billion in savings generated by K-C’s FORCE (Focused on Reducing Costs Everywhere) which are expected to be generated between now and 2021.

Looking forward, K-C expects to continue to grow its personal care businesses and has improvements planned for many of its core brands including Huggies diapers and baby wipes, Pull-Ups training pants and Depend adult incontinence products. Falk would not reveal specifics about these improvements but said consumers could expect to start seeing them in the first quarter of 2018.

"We are excited about the innovation we will be bringing to the market," he says. "We aren't ready to talk about it quite yet."