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CHESEBROUGH-POND'S USA STRENGTHENS POSITION FOR FUTURE GROWTH BY NATIONWIDE RESTRUCTURING PROGRAM

 CHESEBROUGH-POND'S USA STRENGTHENS POSITION FOR FUTURE GROWTH
 BY NATIONWIDE RESTRUCTURING PROGRAM
 GREENWICH, Conn., Jan. 24 /PRNewswire/ -- Chesebrough-Pond's USA today announced a nationwide restructuring intended to streamline the organization and its product lines. Implementation will begin this month.
 The restructuring program will involve a $35 million charge against 1991 fourth quarter pretax operating profit, and will include a voluntary early retirement incentive program and a simplification of the company's product lines.
 Chesebrough-Pond's currently employs 3,400 people, and is offering salaried employees, age 50 and over with at least five years of service, a voluntary early retirement incentive program. This will be augmented with additional layoffs or separations as necessary, the extent of which will depend upon the level of participation in the voluntary program and organizational need.
 Commenting on the actions, Chesebrough's president and CEO, Richard G.F. Finn, indicated that "Chesebrough-Pond's is a market leader in many of our product categories. We are making these moves to ensure that we remain a market leader, in addition to positioning ourselves to take advantage of future market opportunities and breakthroughs in innovation as they present themselves."
 Chesebrough-Pond's USA is a manufacturer and marketer of personal products with 1990 sales exceeding $1 billion. The company's major brands include Pond's, Vaseline, Vaseline Intensive Care, Q-tips, Close-up, Rave, Aqua Net, Faberge' Power Stick, and Brut. Headquartered in Greenwich, Chesebrough-Pond's USA is an operating unit of Unilever, one of the world's leading manufacturers of consumer branded products and packaged goods with 1990 sales of $40 billion.
 -0- 1/24/92
 /CONTACT: Eileen Sharkey of Chesebrough-Pond's USA, 203-625-1847/ CO: Chesebrough-Pond's USA ST: Connecticut IN: HOU SU: RCN


CK-OS -- NY037 -- 3265 01/24/92 12:00 EST
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Publication:PR Newswire
Date:Jan 24, 1992
Words:280
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