Avon Products, Inc. AVP today
released further details of the company's previously announced $400 million
Cost Saving Initiative by 2016.
The latest actions include a global headcount reduction of more than 400
associates across all regions and functions, and the restructuring or closure
of certain smaller, underperforming markets, primarily in Europe, Middle East
& Africa, including the exit of the Republic of Ireland market. These
actions, like those previously announced, are aimed at boosting efficiencies
and concentrating resources on high priority markets and activities. The
company expects these actions to be largely completed before the end of 2013.
Avon said that total charges related to these actions are expected to be in
the range of $35 to $40 million before taxes and that approximately $20
million of that total will be recorded in the first quarter of 2013.
The company expects these actions to generate approximately $45 to $50 million
in annualized savings, when fully implemented, as part of its $400 million
cost savings goal.
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