* To close plants in Maryland and France
* To cut 250 jobs
* To resize French and Italian businesses
* To consolidate operations in Latin America, Canada
* Shares fall 2 percent
Sept 5 Cosmetics maker Revlon Inc said
it will close two of its plants, located in Maryland and France,
and move those operations to reduce costs, cutting 250 jobs.
Revlon, whose stock has lost a tenth of its value this year,
said it will also reduce the size of its French and Italian
businesses and consolidate its operations in Latin America and
The New York-based company, which had a workforce of about
5,200 as of December 2011, said it will take a charge of about
$25 million in the current quarter to account for the
Revlon, which sells under such brands as Charlie, Almay and
Mitchum, has been facing slowing sales as fewer shoppers bought
products under its namesake cosmetics brand.
The company's products were being manufactured in North
Carolina, Venezuela, France and South Africa and through third
Its Venezuela plant, however, was destroyed by a fire in
June, last year.
The company, which competes with L'Oreal, Estee
Lauder Cos Inc and Elizabeth Arden Inc, expects
to save about $10 million per year from the measures.
Revlon shares were down about 2 percent at $12.98 at midday
on Wednesday on the New York Stock Exchange.