REFILE-UPDATE 1-Reckitt unveils 2 bln pound revamp, takes big Mead writedown [Reuters]
RECKITT BENCKISR GP S/ADR (RBGLY)
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Source: Reuters
REFILE-UPDATE 1-Reckitt unveils 2 bln pound revamp, takes big Mead writedown (Adds dropped word pound in second paragraph) Feb 27 (Reuters) - British household goods maker Reckitt Benckiser launched a corporate revamp on Thursday that will invest 2 billion pounds in its business over three years as it seeks to reclaim ground lost to sector peers and generate stronger revenue growth. The results of a strategic review by new Chief Executive Officer Laxman Narasimhan also saw the company take a 5 billion pound writedown on its 2017 acquisition of infant formula maker Mead Johnson, valued at the time at almost $17 billion. Reckitt’s sales growth has trailed its peers in recent years after a spate of one-off problems and Thursday’s results were widely seen as a chance for Narasimhan to launch his tenure at the company with major changes. He shied away from selling any of its businesses, however, aiming to fund the new investment through internal “productivity savings” of 1.3 billion pounds
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