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Avons Restructuring Plan To Cost $500M

April 11, 2006

Avon Products Inc. expects its four-year restructuring plan to cost $500 million and yield annual savings of more than $300 million after completion. Previously, the company said the plan would cost from $300 million to $500 million. Avon reiterated its revenue outlook of flat to slight growth in 2006 and mid-single digit percentage growth in local currencies after 2006. The company booked revenue of $8.15 billion in 2005, a 5% rise from the previous year.
Avon, whose president Susan Kropf will retire after 35 years at years end, also announced that it will cut about 300 call center jobs at its Springdale, OH center. The company said those jobs will be moved overseas. The Springdale facility employs about 600 people, and also handles some manufacturing and shipping.

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