08.06.07
Avon Products Inc. announced it will cut jobs and take $5 million in charges as part of a restructuring effort.
The company said it would terminate an undisclosed number of employees and outsource some services, a move expected by the end of 2008, according to a filing with the Securities and Exchange Commission.
The restructuring effort is anticipated to cost about $500 million and began in 2005. Avon expects to record charges, most of which will result in future cash expenditures, of about $5 million before taxes for employee-related costs related to the plan. Avon said the company expects to announce further exit and disposal costs in the future.
The company said it would terminate an undisclosed number of employees and outsource some services, a move expected by the end of 2008, according to a filing with the Securities and Exchange Commission.
The restructuring effort is anticipated to cost about $500 million and began in 2005. Avon expects to record charges, most of which will result in future cash expenditures, of about $5 million before taxes for employee-related costs related to the plan. Avon said the company expects to announce further exit and disposal costs in the future.