Revlon to shut plants and cut jobs
September 6 , 2012
Cosmetics maker Revlon is to close two of its plants, located in Maryland and France, and shift operations in a bid to lower costs. The move is expected to result in 250 job cuts.
The New York-based firm will also reduce its French and Italian businesses while consolidating operations in Latin America and Canada.
The company, which had a 5,000-strong workforce as of December 2011, said it would cost around $25 million in the current quarter to account for the restructuring.
The company expects to save about $10 million a year as a result of the measures.