Avon Announces Details Of Planned Cost-Cutting Moves

Avon Products, Inc. announced details about its previously announced initiative aimed at cutting $400 million in costs by 2016. According to the cosmetics direct-selling company, it plans to reduce more than 400 associates across all regions and functions and restructure or close smaller, underperforming markets in Europe, Middle East, and Africa. Avon said it plans to exit the market in Ireland. Avon also said it expects total charges related to these cost-cutting moves to range between $35 million to $40 million before taxes, with about $20 million of the total to be reflected in the company's first quarter of 2013.