Energizer Holdings to Cut Work Force by More Than 10%
Energizer Holdings (NYS: ENR) has announced a multiyear restructuring that includes cutting 1,500 jobs, more than 10% of its global work force.
The company, which makes and sells batteries, portable lighting, and personal care products including Schick and Playtex brands, says it expects to achieve gross annualized pre-tax cost savings of $200 million as a result of the restructuring. Three-quarters of the savings will improve profitability, and the rest will be invested in the business to drive long-term growth. Most of the plan is set to be in place by late 2014.
Plants will be closed in Maryville, Mo.; St. Albans, Vt.; and Tampoi, Malaysia. Facilities in Asheboro, N.C., and Walkerton, Canada, will be "streamlined." The company plans to increase focus on the core battery business. The broad plan also includes making changes to benefits programs to save money and overhauling purchasing to save money on procurement.
The article Energizer Holdings to Cut Work Force by More Than 10% originally appeared on Fool.com.
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