Newell Rubbermaid Inc., maker of plastic products for the home and office, on Thursday announced a three-year plan to streamline manufacturing and cut overhead, including laying off 5,000 workers.

The maker of Sharpie pens and Rubbermaid trash cans said it planned to close one-third of its 80 factories worldwide.

When the plan is complete in 2008, Newell estimates annual savings of about $120 million.