Revlon to exit China business to cut costs
This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Revlon is leaving China and cutting 1,100 jobs as part of a cost-cutting measure.
In a regulatory filing Tuesday, the cosmetics company said it will save it $11 million a year from the retreat. Its operations in China make up 2 percent of the company's total sales.
Revlon expects to take a $22 million charge, with about $10 million to pay for employee severance and other benefits. About $12 million of that charge consists of product discounts and inventory write-offs.
Besides its namesake brand of makeup and hair dye, Revlon also makes cosmetics under its Almay and SinfulColors brands.
Shares of Revlon Inc. rose 36 cents, or 1.5 percent, to $24.92 in afternoon trading Tuesday.