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December 11, 2013
08:10 EDTAVPAvon Products to cut global headcount by 650 as part of cost savings initiative
Avon Products, approved additional actions relating to its previously disclosed $400M cost savings initiative. These actions primarily consisted of global headcount reductions including those associated with the company’s service model transformation project. These actions in the aggregate are expected to be largely completed before the end of 2014. The Ccompany expects to record total charges related to these actions of approximately $35M-$45M before taxes. Approximately $35M of these charges are expected to be recorded in the fourth quarter of 2013, with the remainder expected to be recorded before the end of 2014. These charges are comprised primarily of employee-related costs associated with the elimination of approximately 650 positions and substantially all are future cash expenditures. In connection with these restructuring actions, we expect to realize annualized savings of approximately $40M-45M before taxes as part of the cost savings initiative.
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