Revlon Restructuring Efforts To Generate $30 Mil.-$40 Mil. In Annual Savings
This article was originally published in The Rose Sheet
Revlon's second wave of recent corporate trimming is expected to generate annualized cost savings of $30 mil. to $40 mil., the company announced Jan. 11. The savings are a 38% increase over original projections of $25 mil. to $30 mil. in savings announced last fall ("The Rose Sheet" Oct. 5, 1998, p. 5). Revlon hopes to achieve $15 mil. to $20 mil. of the savings in 1999.
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Cutbacks include the reduction of 200 U.S.-based employees and approximately 80 vacant posts in the company's New York and New Jersey locations, Revlon says Dec. 8. The layoffs will occur before Dec. 31 as part of Revlon's previously announced restructuring program. The majority of the staff reductions will take place at the company's New York City headquarters and New Jersey office, where staff will be cut by 11% and 6%, respectively. The cutbacks are in addition to the original 1,000 to 1,200 layoffs that occurred earlier in the year (1"The Rose Sheet" Jan. 18, p. 12)
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