NEW YORK - US cosmetics company Revlon said Tuesday it was shutting down its operations in China to cut costs, eliminating about 1,100 positions.
Revlon said its China business represented about two percent of total sales, which topped $1.4 billion worldwide in 2012, and that the move would lead to savings of about $11 million a year.
It said most of the 1,100 jobs cut will be in China, including approximately 940 beauty advisers that were hired indirectly through a third-party agency.
The company will incur about $22 million in pre-tax charges due to the restructuring, of which $20.9 million was being recorded as a charge in December 2013.
Revlon markets beauty products under the Revlon, Gatineau, Mitchum, and Ultima II brands.
Shares were up 0.2 percent to $24.60 in midday trade Tuesday.
source: interaksyon.com
