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Jan. 27, 2021, 8:26 a.m. EST

Coty to shutter German fragrance factory, 300 workers impacted

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By Tonya Garcia

Coty Inc. /zigman2/quotes/208645074/composite COTY -5.11% said Wednesday that it will close its manufacturing facility in Cologne, Germany, a move aimed at increasing efficiency and generating savings. The factory produces fragrance products, employing 300 workers. The closure will be complete in summer 2022. "[O]ur network has been operating over-capacity in recent years and the considerable impact of COVID-19 has accelerated the need to take action," said Richard Jones, chief global supply chain and R&D officer at Coty, in a statement. "This move will address the imbalance to increase our competitiveness and ensure we fully leverage our scale and remaining manufacturing sites." Last year Coty set a goal to reduce costs by $600 million by fiscal 2023. Coty stock slipped 2% in Wednesday premarket trading, and is down 33.6% over the past year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -2.45% has gained 18.7% over the last 12 months.

/zigman2/quotes/208645074/composite
US : U.S.: NYSE
$ 7.80
-0.42 -5.11%
Volume: 13.09M
Feb. 25, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.30 billion
Rev. per Employee
$258,335
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/zigman2/quotes/210599714/realtime
US : S&P US
3,829.34
-96.09 -2.45%
Volume: 2.92B
Feb. 25, 2021 5:19p
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