ACCO Brands Corporation Announces Cost Reduction Program Targeting Annualized Pre-Tax Savings of at least $60 Million
30 Enero 2024 - 5:55AM
Business Wire
ACCO Brands Corporation (NYSE: ACCO) announces a multi-year
restructuring and cost savings program, with anticipated annualized
pre-tax cost savings of at least $60 million. The program
incorporates initiatives to simplify and delayer the Company’s
operating structure and reduce costs through headcount reductions,
supply chain optimization, global footprint rationalization, and
better leveraging of our sourcing capabilities. As a result of
these actions, the Company will improve its speed of execution and
bring key leaders closer to the customers. In connection with this
program, the Company will file a Form 8-K with the SEC disclosing
its restructuring charges.
“The actions we are announcing today will better position the
Company for long-term sustainable profitable growth. The cost
reduction actions, as well as a renewed focus on innovation and new
product development, will provide fuel for reinvestment and an
improved growth trajectory for the long-term. During 2023, we were
able to restore the Company’s margin profile and strengthen the
balance sheet despite a slow demand environment. Our preliminary
results indicate that we ended the year with reported sales and
cash flows above our previously communicated outlook. I remain
confident in the long-term growth prospects of the Company given
our geographically diverse operating platform and our collection of
leading brands” said ACCO Brands’ President and Chief Executive
Officer, Tom Tedford.
The Company will operate and report under two segments. The
Americas reportable segment will include the U.S., Canada, Brazil,
Mexico and Chile and the International reportable segment will
include EMEA, Australia, New Zealand and Asia. The Company will
report on this basis for the fiscal year commencing January 1,
2024.
As a result of the segment realignment, effective January 1,
2024, Cezary Monko has been appointed Executive Vice President and
President of the International segment and Patrick Buchenroth, has
been appointed Executive Vice President and President of the
Americas segment. These leaders have a long-established, successful
history with the Company.
The Company will provide additional details about the
restructuring program during its upcoming fourth quarter and full
year 2023 earnings call.
About ACCO Brands Corporation
ACCO Brands, the Home of Great Brands Built by Great People,
designs, manufactures and markets consumer and end-user products
that help people work, learn, play and thrive. Our widely
recognized brands include AT-A-GLANCE®, Five Star®, Kensington®,
Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More
information about ACCO Brands Corporation (NYSE: ACCO) can be found
at www.accobrands.com.
Forward-Looking Statements
Statements contained in this press release, other than
statements of historical fact, particularly statements relating to
cost reductions and the anticipated pre-tax savings from the cost
reduction program, restructuring costs, footprint rationalization,
simplifying and streamlining our operations, reducing complexity,
enhancing the speed of decision-making, leveraging our sourcing
capabilities and the timing of implementation and completion of the
cost reduction program, are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on the beliefs and assumptions of
management based on information available to us at the time such
statements are made. These statements, which are generally
identifiable by the use of the words “will,” “believe,” “expect,”
“intend,” “anticipate,” “estimate,” “forecast,” “project,” “plan,”
and similar expressions, are subject to certain risks and
uncertainties, are made as of the date hereof, and we undertake no
duty or obligation to update them. Forward-looking statements are
subject to the occurrence of many events outside the company’s
control and actual results and the timing of events may differ
materially from those suggested or implied by such forward-looking
statements due to numerous factors that involve substantial known
and unknown risks and uncertainties.
Factors that could affect our results or cause our plans,
actions and results to differ materially from current expectations
described in this press release include, among others, our ability
to successfully execute the actions identified as part of the cost
reduction program and realize the anticipated cost savings and
operational synergies as well as other risks and uncertainties
described in "Part I, Item 1A. Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31, 2022, and in other
reports we file with the SEC. Forward-looking statements should be
considered in light of these risks and uncertainties. Investors and
others are cautioned not to place undue reliance on forward-looking
statements when deciding whether to buy, sell or hold the company’s
securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130545783/en/
Christopher McGinnis Investor Relations (847) 796-4320
Kori Reed Media Relations (224) 501-0406
Acco Brands (NYSE:ACCO)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Acco Brands (NYSE:ACCO)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024