Coty (COTY) - Get Report shares are lower after the beauty-products company announced a major restructuring, involving charges and other steps designed to reduce debt and improve profitability.

The company said that as part of a four-year turnaround, it expected to report an impairment of intangible assets of $3 billion, with fiscal 2019 earnings reflecting the final amount.

And to implement the plan, Coty said it expected one-time cash costs of $600 million over fiscal years 2020 through 2023, in addition to some $160 million "connected to previous programs."

Coty shares closed off 14% at $11.59.

In October 2016 Coty paid $12.5 billion for a number of Procter & Gamble (PG) - Get Report beauty brands.

By fiscal 2023, Coty aims to reduce net debt to less than four times earnings before interest, taxes, depreciation and amortization. And it seeks an operating margin of 14% to 16%.

For fiscal 2020, the company expects a "moderating decline" in net revenue compared with fiscal 2019. Operating earnings should rise 5% to 10%, adjusted for constant currencies.

The company said its banks have agreed to modify its credit agreement to align with the turnaround and enable it to reach its medium-term goals.

It said it has ample liquidity and available credit lines totaling $2 billion.

Coty said it would also move its headquarters to Amsterdam from New York. Amsterdam is cost-efficient, tax-stable and "conveniently located to Coty's main markets," the company said.

For the fiscal 2019 third quarter ended March 31, Coty narrowed its loss to 2 cents a share from 10 cents in the year-earlier period. Adjusted earnings were 13 cents in both periods. Revenue fell 10% to $1.99 billion.