Revlon, Inc. is overhauling its business, eliminating about 165 jobs, or about 2% of its global workforce, and expects to report a modest increase for 2005, in an effort to reduce costs.
The company said it expects net 2005 sales of $1.3 billion, up 3% from 2004. It also said it is still on track for 2005 earnings of about $170 million. Its brands include Almay, Ultima II, Mitchum and Vital Radiance.
The job cuts are expected to come from sales, marketing and the creative groups as well as certain headquarter functions. Ninety of the 165 job cut will come from the U.S., according to news reports. The cuts are expected to save about $15 million annually.
“These changes are designed to streamline internal processes, enabling the Company to continue to be more effective and efficient in meeting the needs of its consumers and retail customers,” the company said.
The company expects to $10 million charge next year for severance packages and other related costs.
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