Newell Brands, maker of Coleman, Marmot, and many other brands, announced it will cut its office roles by approximately 7% by the end of 2024.

The company will also reduce its real estate footprint and pursue other cost reduction initiatives. These actions are expected to happen by the end of 2024.

This is part of an organizational realignment to strengthen the company’s front-end commercial capabilities, including consumer understanding and brand communication, the company announced in a news release.

Once organizational design changes are fully executed, the company expects to realize annualized pre-tax savings in the range of $65 million to $90 million, with $55 million to $70 million in savings expected in 2024.

In addition to improving accountability, Newell’s organizational realignment should further unlock operational efficiencies and cost savings, reduce complexity, and free up funds for reinvestment, the company said.

“To support our strategic choice to disproportionately invest in the largest and most profitable brands, we are implementing a brand management model within the three existing global segments with full P&L ownership and four regional go-to-market commercial organizations,” said Newell President and Chief Executive Officer Chris Peterson, in a news release. “Through the organizational design changes, we expect to maximize accountability and ownership of financial results, drive consistency in how we work, reduce overhead cost structure and complexity, while investing in the capabilities we need to win.”

Newell announced a similar restructuring and layoffs about this time last year, trimming office staff by 13%.