ACCO Brands (ACCO) has released an update to notify the public and investors about termination and asset disposition expenses.
ACCO Brands Corporation initiated a three-year restructuring and cost savings program on January 24, 2024, aiming for at least $60 million in annual pre-tax savings, including savings from the Sidney, NY facility closure. This program will streamline the company’s operations, reduce headcount, optimize the supply chain, and improve sourcing. Charges include a $13 million pre-tax restructuring charge and a $9 million charge from the Sidney closure, totaling expected cash expenditures of $26 million over 2024 and 2025. The company will also reorganize into two segments, Americas and International, starting January 1, 2024, though actual costs may vary from estimates.
For further insights into ACCO financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
