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Avon plans to repurchase additional $500mn shares

Aug '05
Cosmetic company Avon Products Inc announced its Board of Directors (BOD) has authorized the company to buy back an additional $500 million of its common stock by the end of 2005, subject to market conditions.

The company expects to fund the new program through the issuance of long-term debt.

Avon said that the $500 million share repurchase plan is in addition to the company's 2000-2005 buyback programs, which has a remaining authorization of approximately $80 million, and the $1 billion five-year share repurchase plan announced in February 2005.

The current share repurchase program is expected to conclude in the third quarter. Upon completion, Avon's remaining share repurchase authorization will now be $1.5 billion, or almost 10 percent of the Company's equity market capitalization.

Avon also declared a regular quarterly dividend on its common stock of $.165 per share, payable September 1, 2005, to shareholders of record August 18, 2005.

New York based world's leading direct seller of beauty and related products, Avon Products Inc, with $7.7 billion in annual revenues. Avon markets to women around the world through 4.9 million independent sales Representatives.

Avon product lines include such recognizable brand names as Avon Color, Anew, Skin-So-Soft, Avon Solutions, Advance Techniques Hair Care, Avon Naturals, Mark, and Avon Wellness. Avon also markets an extensive line of fashion jewelry and apparel.

Behind the scenes at Avon, world-class scientists and technicians are masterminding Avon's latest product innovations. Explore these pages to find out more about how The Company for Women is staying at the forefront of the beauty marketplace by bringing leading-edge, technology-based products to women around the world.

Avon Products Inc

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