Playtex lays off 20 percent of staff

- Last updated on GMT

Related tags: Chief executive officer, Chief financial officer, Executive officer, Management occupations, Corporate governance

Playtex Products said on Tuesday said it would cut more than 300
jobs, or about 20 per cent of its work force, according to Reuters.

The decision to cut back will also include the outsourcing of some production as part of a move to improve its focus on core products and the company's competitive position.

The company based in Westport, Connecticut expects to take charges of $17 million to $19 million by the end of 2005, said Reuters.

The moves come just over a year after Playtex said it would take $4 million in restructuring charges, including costs for an unspecified number of job cuts.

In April 2004, Playtex said it had decided to remain independent after a two-year review to determine whether it should sell all or part of the company. It named a new chief executive officer and chief financial officer in the last few months of 2004.

Playtex said about $11 million of the new charges would be recorded in the fourth quarter of 2004. It forecast savings from the plan of $12 million to $14 million in 2005 and $22 million to $24 million in 2006.

The company's product range includes Mr. Bubble children's bubble bath, Binaca breath fresheners, Tek and Dentax oral care, Dorothy Gray skin careand Wet Ones moist towelettes.

Related topics: Business & Financial

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