Avon Products, Inc. AVP today
outlined initial steps toward the company's previously communicated annual
cost-savings target of $400 million by the end of 2015.
Initial steps of the cost-savings initiative will include a targeted global
headcount reduction of approximately 1,500 positions and related actions. The
company also announced today that it will exit the South Korea and Vietnam
markets. These actions are aimed at concentrating resources on high priority
markets and activities and boosting efficiencies, and are expected to be
largely completed before the end of 2013.
Cost to implement these actions is expected to be in the range of $80-90
million before taxes, of which approximately $50-60 million is expected to be
recorded in the fourth quarter of 2012. The company anticipates that these
initial steps will account for approximately 20% of the total targeted
savings.
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