Colgate wants to streamline global functions and said Thursday that it will continue to cluster single-country subsidiaries into regional hubs. Savings for the program should total between $365 million to $435 million annually by end of 2016. 

The cuts were announced on the same day that the company posted a 2 percent increase in third-quarter net income as it ramps up advertising. 

Revenue slipped 1 percent. Colgate-Palmolive Co., which is based in New York, has 38,600 employees.

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