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Avon Q4 includes PLS charge of approximately $110 mn
09
Jan '08
Avon Products Inc announced the final initiatives of the restructuring program under its turnaround plan, begun in late 2005. The company now expects to achieve annualized savings of approximately $430 million once all initiatives are fully implemented by 2011-2012, compared to the original objective of $300 million.

These savings are projected to reach $300 million in 2009. The company now anticipates total costs to implement the restructuring initiatives to be approximately $530 million instead of $500 million, of which the company will have recorded approximately $460 million through the fourth quarter of 2007 and the remainder by the end of 2009.

As a result, the company said that it expects to incur a charge of approximately $120 million in the fourth quarter 2007. Included in this charge are: restructuring of some international direct selling operations, most significantly in Germany; realigning supply chain operations in Western Europe and Latin America; outsourcing call centers and transaction processing functions; and several other minor initiatives. Costs associated with previously announced restructuring initiatives are also included in the fourth-quarter charge.

Avon said that as a result of the initiatives announced approximately 4,000 positions would be impacted globally, with a net reduction totaling approximately 2,400 positions when the initiatives are fully implemented.

Charles Cramb, Avon's Vice Chairman, Chief Finance and Strategy Officer said, "With today's announcement we now expect the annualized savings of our restructuring program to be approximately $430 million when fully implemented, $130 million ahead of our initial estimates."


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