Revlon to cut 250 jobs
Fin24 - Sep 6th 2012, 08:40
New York - Makeup company Revlon Inc. said it is cutting 250 jobs, or about 5% of its workforce, and is closing two plants in a broad restructuring as it seeks to cut costs.
Revlon, whose brands include Almay, Mitchum and its namesake, says it will close its manufacturing plant in France and its leased manufacturing plant in Maryland and move manufacturing to other plants and third parties.
It will also restructure operations in French and Italy and realign its operations in Latin America, including consolidating Latin America and Canada into one region.
It employs about 5 200 people overall.
Revlon will take third-quarter charges of $25m, including $19m in employee-related costs and $6m in other costs including asset write-offs.
Revlon expects to save $10m annually from the moves, including $9m in 2013.
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