European business to be reorganised with centre in Switzerland / Up to USD 60m annual savings expected

摘要

Newell Rubbermaid (Atlanta, Georgia / USA; www.newellco. com) expects to achieve annual savings of USD 50-60m by 2012 through a reorganisation of its European business. The plan to lower costs and improve profitability will simplify and streamline the company's structure and business processes in Europe. Management functions will be scrutinised in the reorganisation and no plant closures or job losses are expected. The company intends to centralise business decision-making functions in Switzerland and says that once the plan is implemented it will be better positioned for improved profitability and growth. Costs associated with the restructuring are expected to reach between USD 90m and USD 100m and will be incurred substantially by the end of 2011.