July 1, 2019 / 12:56 PM / 2 months ago

Coty to restructure, write down $3 bln of assets

July 1 (Reuters) - Coty Inc on Monday announced a sweeping overhaul of its operations and said it would write down about $3 billion of its intangible assets as it looks to turn around its business following challenges in integrating brands acquired from Procter & Gamble Co in 2016.

The P&G Beauty integration took longer and was more complex than originally envisioned, the company said in a presentation.

Coty said on Monday it had reached an agreement with creditors to fund a restructuring plan that will reduce organizational layers and reorganize the business into regional units. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D’Silva)

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