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March 5, 2014
08:37 EDTREVRevlon sees restructuring actions substantially complete by end of FY15
On January 30, the company announced that it will begin implementing restructuring actions related to the TCG acquisition, as well as additional restructuring actions identified to reduce costs across the company’s businesses. These actions are expected to be substantially completed by the end of FY15. With respect to the Integration Program, the company expects to achieve annualized cost reductions of approximately $30M-$35M by the end of fY15, of which approximately $10M-$15M are expected to benefit FY14 results, and to recognize total restructuring charges, capital expenditures and related non-restructuring costs of approximately $45M-$50M through FY15, with $12.5M recognized in FY13, an additional $31M-$34M expected to be recorded in FY14, and the balance of which is expected to be recognized in FY15. The Integration Program is designed to deliver cost reductions throughout the combined organization by generating synergies and operating efficiencies within the company’s global supply chain and consolidating offices and back office support, and other actions designed to reduce selling, general and administrative expenses.
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