|Revlon to exit China business to cut costs||| Print ||
|Written by The Associated Press|
|Tuesday, 31 December 2013 13:36|
Revlon said it is leaving China and cutting 1,100 jobs as part of a cost-cutting measure.
Most of the jobs cuts will be in China.
Revlon's operations there make up only 2 percent of the company's sales, which have been declining. Global sales fell 1.3 percent to $1.02 billion in the nine months through September, compared with the same period in 2012. Revenue dropped 3.5 percent to $166.8 million in Asia during that time.
The departure will save the makeup company $11 million a year, Revlon said Tuesday in a regulatory filing with the U.S. Securities and Exchange Commission.
Revlon expects to take a $22 million restructuring charge, mostly this year. About $10 million of that charge is for employee severance and other benefits, and about $12 million consists of product discounts and inventory write-offs.
Besides its namesake brand of makeup and hair dye, Revlon also makes cosmetics under its Almay and SinfulColors brands.
Shares of Revlon Inc., which is based in New York, rose 37 cents to $24.93 in midday trading.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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