The restructuring plan includes a write down of nearly $3 billion of its intangible assets.

In a significant development, Coty Inc announced that it would overhaul its operations and write down nearly $3 billion of its intangible assets. The move comes in the wake of its intent to post a quick turnaround following challenges in integrating brands acquired from Procter & Gamble Co in 2016.

In a presentation, Coty stated, the P&G Beauty integration took longer and was more complex than originally envisioned.

Coty stated it had reached an agreement with creditors to fund a restructuring plan that will reduce organizational layers and reorganize the business into regional units.

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Tags: acquisition, brands, Coty Inc, intangible assets, integrating, integration, M&A, mergers, operations, organizational layers, overhaul, P&G Beauty, Procter & Gamble Co, regional units, reorganize, turnaround, write down