UPDATE 1-Acco Brands to shut 5 units, sees $17 mln charge
Oct 31 (Reuters) - Office supply products maker Acco Brands Corp (ABD.N), which has been on a restructuring spree, said it plans to reduce the number of its business units around the world to four from nine, and sees related charges of about $17 million.
The company also plans to replace its office-products and document-finishing groups by two geographic-based business segments, ACCO Brands Americas and ACCO Brands International.
The other two business divisions will continue as separate business segments, Acco, which recently announced a workforce reduction hurt by continued weakness in demand and the economy, said in a statement.
The actions will result in additional cost savings of $15 million to $20 million, the company said.
In August, Acco said it would cut 250 to 300 jobs and save about $25 million to $35 million.
For the press release, please click [ID:nBw315312a] . For the related alerts, please click [ID:nWNAB5785] (Reporting by A.Ananthalakshmi in Bangalore; Editing by Amitha Rajan) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))
