CAN COLGATE-PALMOLIVE GET it right this time? The personal-care-products giant has restructured three times since 1984. On Sept. 20 came word of the fourth. Colgate announced a $369 million makeover that will shutter or reconfigure 24 factories worldwide and reduce employment by 3,000, to 33,000. The company will take an earnings hit of $2.54 per share for the third quarter and report a loss for the period--atop disappointing operating results. Colgate said savings from the reorganization would start to kick in during the second half of 1996 and with greater force in 1997. "The only disappointment [about the restructuring] is that it will be a while before investors see any benefit," says William Steele, a Dean Witter Reynolds analyst.

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