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June 23, 2014
17:07 EDTAVPAvon Products announces workforce reduction of approximately 600
Avon Products announced additional actions as part of the company's ongoing turnaround efforts to return Avon to sustainable, profitable growth. These steps are related to continued efforts to right size the cost structure, improve organizational effectiveness, streamline processes to gain efficiencies and reduce cost across the organization. These actions are primarily global headcount reductions of approximately 600 positions, largely in the corporate organization and North America business unit. Total charges to be recorded as a result of these actions are expected to be approximately $45M-$50M before taxes, with approximately $40M expected to be recorded in the second quarter. The company expects these restructuring actions to result in annualized savings of approximately $50M-$55M before taxes as part of the $400M Cost Savings Initiative. In connection with the restructuring actions approved to-date associated with the $400M Cost Savings Initiative, we expect to realize annualized before-tax savings of approximately $240M-$250M.
News For AVP From The Last 14 Days
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September 30, 2014
11:15 EDTAVPHigh option volume stocks
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06:41 EDTAVPAvon Products China bribery case dismissed, Reuters says
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06:00 EDTAVPStocks with implied volatility movement; AVP TWTR
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September 29, 2014
14:37 EDTAVPChina bribery suit against Avon Products dismissed, Reuters says
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September 18, 2014
06:24 EDTAVPCiti defends recent downgrade of Avon Products
Citigroup says that following investor pushback, it is defending its September 8 downgrade of Avon Products to Neutral. The firm says it is comfortable with below consensus estimates given the recent strengthening of the U.S. dollar relative to several currencies. Citi adds that it has less confidence in Avon's turnaround following the departure of CFO Ross. It keeps a Neutral rating on the stock with a $15 price target.

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