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Article: Avon will cut 2,400 total jobs related to its restructuring plan
- Article from:
- AP Worldstream
- Article date:
- January 8, 2008
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Avon Products Inc. on Tuesday said it will cut 2,400 jobs as part of its multiyear restructuring plan, which will cost more than originally expected and ultimately save the beauty-products maker $430 million (euro292.1 million) annually.
The restructuring plan will cost $530 million (euro360 million), up from a previous estimate of $500 million (euro339.6 million), of which $460 million (euro312.44 million) will have been taken through the fourth quarter of 2007. The remainder will be recognized by the end of 2009.
In the fourth quarter, the company will take a charge of $120 million (euro81.5 million) for restructuring some international direct selling operations, ...