May 22, 2018 / 6:09 AM / in 7 months

BRIEF-Ontex Group Announces Transfer And Consolidation Of Production In Brazil

May 22 (Reuters) - ONTEX GROUP NV:

* ANNOUNCES TRANSFER AND CONSOLIDATION OF PRODUCTION IN BRAZIL TO ITS SENADOR CANEDO UNIT

* THIS IS EXPECTED TO RESULT IN ANNUALIZED RECURRING EBIT SAVINGS OF EUR 7 MILLION.

* CHANGE WILL OCCUR THROUGH Q3 OF 2018

* TRANSFER TO RESULT IN NON-RECURRING PRE-TAX CHARGE IN 2018 OF UP TO EUR 30 MILLION

* ABOUT EUR 10 MILLION OF THE NON-RECURRING PRE-TAX CHARGE WILL BE CASH COST Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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