HanesBrands Announces "Project Booster" Multiyear Initiative - Quick Facts

(RTTNews) - HanesBrands (HBI) announced it has launched a multiyear initiative to increase investment for growth, reduce costs, and drive cash flow. The growth initiative, called Project Booster, is expected to drive the company's Sell More, Spend Less, Generate Cash business strategy. The project launched in the first quarter and is expected to be neutral to full-year operating results in 2017, while providing significant benefits in coming years.

In total, approximately 220 corporate employees are being separated, with the majority through the voluntary program. Project Booster initiatives in 2017, including the headcount reductions, are expected to be cost-neutral for full-year 2017.

By 2020, the effort is expected to generate approximately $300 million of incremental annual net cash from operations and $100 million in annualized net cost savings after annualized growth reinvestment of $50 million.