Mattel (MAT) has released an update to notify the public and investors about termination and asset disposition expenses.
Mattel has announced a new cost-saving initiative, the Optimizing for Profitable Growth program, aimed at streamlining their global supply chain and manufacturing processes. This program builds on previous efforts and includes shutting down a Chinese plant. With a completion timeline from 2024 to 2026, Mattel projects $200 million in annual gross cost savings, while the overall program will cost an estimated $130 to $170 million, including severance, restructuring, and investment expenses. These changes are part of Mattel’s forward-looking strategy to enhance efficiency and profitability.
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For a comprehensive understanding of the announcement, you can read the full document here.
