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The increasing cost of plastic ingredients is forcing Atlanta-based Newell Rubbermaid to lay off workers, scrap some of its basic home and office products and raise prices on other items by as much as 22%.

The announcement, along with a lower projection for full-year earnings, sent shares of the maker of Rubbermaid storage gear to an all-time low before they rebounded.

CEO Mark Ketchum said the company hasn't yet determined how many of its 22,500 employees will lose their jobs.

Newell Rubbermaid says it will divest, downsize or leave categories accounting for up to $500 million in sales. Those include some products in the company's Rubbermaid line of storage bins. Executives say they also plan to trim other basic product lines, such as the plastic floor mats that go under desk chairs.

Prices for higher-margin items, such as janitorial products and stackable food containers will likely rise.