By Ben GlickmanMattel plans to pare its manufacturing footprint as part of a multiyear cost-savings plan. The toymaker said in a regulatory filing Wednesday that it expected to incur $100 million to $130 million in total severance and restructuring costs associated with the program. The company is looking to cut expenses in its global supply chain, including in its manufacturing footprint. The new initiative, called the Optimizing for Profitable Growth program, is targeting annual savings of $200 million and expected to be completed from 2024 to 2026. Mattel said that $90 million to $105 million of the expenses associated with the program would be from employee severance.

Source: Wall Street Journal February 07, 2024 22:08 UTC