Colgate-Palmolive Records $518M Filorga Impairment, Launches Global Savings Initiative

Colgate-Palmolive’s 2022 Global Productivity Initiative should result in annualized pre-tax savings in the range of $90m to $100m, the New York firm said in its fourth quarter earnings presentation on 28 January. The Filorga impairment charge reflects the pandemic’s impact on duty-free and travel retail channels since Colgate acquired the France-based, premium skin-care brand in 2019 for nearly $1.7bn.

Financial report (Alexander Korzh/Alamy Stock Photo)
(Alamy Stock Photo)

Colgate-Palmolive response to today’s “volatile” operating environment is a plan for increased pricing and advertising, as well as a new productivity initiative that should result in annualized pre-tax savings in the range of $90m to $100m, the New York-based firm says.

Colgate’s 2022 Global Productivity Initiative will accelerate changes to the firm’s operating structure so resources can be reallocated to strategic...

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