Loading...
Loading...
Revlon
REV announced actions to drive operating efficiencies,
primarily: (1) exiting its owned manufacturing facility in France and its
leased manufacturing facility in Maryland, moving manufacturing from those
facilities to other Revlon facilities and third parties; (2) rightsizing its
French and Italian organizations; and (3) realigning its operations in Latin
America, including consolidating Latin America and Canada into a single
region. Certain of the actions are subject to consultations with employees,
works councils or unions, and government authorities.
These actions will result in eliminating approximately 250 positions.
Restructuring and related charges, which will be recognized in the third
quarter of 2012, are expected to be approximately $25 million comprised of $19
million in employee-related costs and $6 million in other costs including
asset write-offs. Of the total charge of $25 million, $23 million will be cash
that will be paid out over the next twelve months. Annualized cost reductions
are expected to be approximately $10 million, $9 million of which is expected
to benefit 2013.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in