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Avon Products, Inc.
Avon Expects Savings and Benefits Approaching $900 Million From Original Restructuring, Product Line Simplification and Strategic Sourcing Programs - Higher Than Anticipated
March 8th, 2009
Avon Products, Inc. (NYSE:AVP) announced that it now expects to achieve higher-than-anticipated annualized savings and benefits approaching $900 million from its original restructuring program and its product line simplification and strategic sourcing initiatives. The company also announced a new restructuring program targeting annualized savings of approximately $200 million when fully implemented. Charles Cramb, Avon's Vice Chairman, Chief Finance and Strategy Officer, said, "Our original restructuring program began in 2005, and over the last three years we have been dramatically transforming our cost structure and exceeding our original savings estimates as we fix...
Source: Pharma Investments, Ventures & Law Weekly (2009-03-08)
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