NEW YORK (Standard&Poor's) Dec. 7, 2004--Standard&Poor's Ratings Services said today that Colgate-Palmolive Co.'s (AA-/Stable/A-1+) announcement that it is implementing a four-year restructuring program that will result in cumulative charges of $550 million to $650 million after tax has no immediate effect to the ratings and outlook. Savings from the program are expected to range between $250 million and $300 million annually on an after-tax basis by the fourth year of the program. Aspects of the restructuring program include: closing approximately one-third of the company's existing factories worldwide, increasing sales and marketing organizations and personnel in high growth markets, and increased emphasis on marketing and new product development. The total restructuring initiative is expected to reduce Colgate's
