Avon Products Inc (AVP) Key Developments | Reuters.com
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Avon Products Inc (AVP)

AVP on New York Consolidated

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27 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Avon Products Inc to cut jobs, shift headquarters to UK - Reuters News
Monday, 14 Mar 2016 09:32pm EDT 

Avon Products Inc:Avon Products Inc said on Monday it would cut about 2,500 jobs worldwide and shift its corporate headquarters to the UK as part of its three-year turnaround plan. Avon shares were up nearly 4 percent at $4.55 in extended trading - RTRS.The company sold most of its North American business to Cerberus Capital, its biggest investor, after four years of falling sales.Avon said it expected to record $60 million in pre-tax charges related to job cuts in the first quarter.The company, which has 28,300 employees, said the transition of its headquarters would occur over time.In January, Avon had outlined plans to cut $350 million in costs over the next three years, invest in technology and tap social media to revive sales.However, a bigger-than-expected fall in fourth-quarter sales indicated that the company had failed to revive demand for its cosmetics in key markets."We believe that there is still much more that needs to be done to improve the business as outlined in our December 3 letter," shareholder Barington Capital said in a statement.In December, investors led by Barington proposed a restructuring of Avon, and said they had lost confidence in the makeup brand's leadership.Barington added on Monday that it continued to believe Avon needed to add new independent directors.Avon said it would maintain its current facilities in Suffern and Rye, New York and continue to trade on the New York Stock Exchange under its current symbol.  Full Article

Avon Products Inc outlines plans to save $350 mln in next three years - Reuters
Thursday, 21 Jan 2016 10:57am EST 

Avon Products Inc:Struggling cosmetics maker Avon Products Inc AVP.N expects to reduce about $350 million in costs over the next three years, Chief Executive Sheri McCoy said at the company's investor day on Thursday - RTRS.Avon is also looking at "all alternatives" for its China business, which represents about 1 percent of total sales, McCoy said - RTRS.Cerberus Capital, which said last month it would buy a majority stake in Avon's North America business, said on Thursday it had identified "significant operational efficiencies" in the region. The hedge fund also said its operating plan for Avon included job cuts. - RTRS.  Full Article

Avon Products Inc to reduce global IT headcount - Reuters
Thursday, 7 Jan 2016 05:50pm EST 

Avon Products Inc:Beauty products maker Avon Products Inc AVP.N said it would cut some global IT jobs after hiring Hewlett Packard Enterprise Co HPE.N to run some of its technology operations - RTRS.Avon, which expects the program to be completed by the end of 2016, did not specify how many employees would be affected. (1.usa.gov/1UAkPwe) The company said in a filing it expects pre-tax savings of $10 million-$15 million annually, beginning 2019 - RTRS.Avon, which in December sold the majority of its North American business to Cerberus Capital, said it expected to record a charge of about $30 million. - RTRS.Hewlett Packard will operate Avon's IT infrastructure in four areas, offering data center services, network management among other services - RTRS.  Full Article

Avon And Cerberus announce a $605 million strategic partnership
Thursday, 17 Dec 2015 08:15am EST 

Avon Products Inc:Avon and Cerberus announce a $605 million strategic partnership to drive Avon shareholder value.Says affiliates of Cerberus to make a $435 million preferred stock investment in Avon Products Inc.Says Cerberus will make a $435 million investment in Avon Products.Avon North America to be separated into privately-held entity into which affiliates of cerberus will invest $170 million for 80.1% ownership.Says Avon also announces suspension of quarterly dividend to reinvest in the business.Cerberus investment will be in form of convertible perpetual preferred stock with conversion price of $5 per share, dividend that accrues.Says the partnership has been approved by the Avon board of directors.Says Cerberus will purchase an 80.1% interest in Avon North America in exchange for a $170 million equity investment.Says anticipates its underlying operational performance is consistent with the full year 2015 outlook previously provided.At the close of the transaction, Avon will reduce the size of its board of directors from 12 to 11 members.Says Avon North America will also assume approximately $230 million of long-term liabilities from Avon Products.Says new company will enter into a licensing agreement with Avon for the use of the Avon brand.Douglas Conant, Paula Stern, v. ann hailey, Maria Elena Lagomasino, sara mathew and gary rodkin will be stepping down from the board of directors.  Full Article

Avon Products Inc declares regular quarterly dividend
Wednesday, 4 Nov 2015 06:45am EST 

Avon Products Inc:Declared a regular quarterly dividend of $.06 per common share, payable December 1 to shareholders of record date on November 16.  Full Article

Avon Products Inc reaffirms FY 2015 revenue guidance
Thursday, 30 Jul 2015 07:01am EDT 

Avon Products Inc:Previously provided following outlook for FY 2015, which included the estimated negative impact of new IPI tax law on cosmetics in Brazil: Modest constant-dollar revenue growth; an approximate 17 point negative impact on reported revenue due to foreign currency translation.Says that its outlook for FY 2015 is unchanged except for impact of divestiture of the Liz Earle business, which will negatively impact constant-dollar and reported revenue in second half of 2015 by about 1 poi.  Full Article

Avon Products Inc declares regular quarterly dividend
Thursday, 30 Jul 2015 07:00am EDT 

Avon Products Inc:Declares regular quarterly dividend of $.06 per common share.Dividend payable Sept. 1 to shareholders of record on Aug. 13.  Full Article

Avon Products Inc recalls nut chopper Due to risk of injury - CPSC
Tuesday, 14 Jul 2015 08:00pm EDT 

Avon Products Inc:Says the tines of the grinding mechanism can break and these fragments can fall into the food being chopped, posing a risk of injury to consumers - Consumer Product Safety Commission.This recall involves a nut chopper sold by Avon.The recalled nut chopper is 7 1/2 inches tall and has clear plastic upper and lower chambers connected by an orange plastic grinding mechanism, the upper chamber has orange plastic lid.The product identification number found on the outside of the Nut Chopper individual, corrugated box packaging was F3730731 and the brochure number was 978-044.Says recall is about 27,000 units.Says received seven reports of the chopper bending or breaking, including two instances in which the tine fragments were found in the food prepared by the consumer but not swallowed.Says there have been no reports of injury.  Full Article

Avon announces divestiture of Liz Earle
Thursday, 9 Jul 2015 07:00am EDT 

Avon Products Inc:Says divested liz earle, its wholly-owned, UK-based natural skincare brand.Walgreens Boots Alliance acquired the Liz Earle Business for 140 million Pounds in an all-cash transaction.Proceeds from deal will be used for the company's anticipated redemption of $250 million, 2.375% notes due March 2016.Rpt-avon products inc says divested Liz Earle, its wholly-owned, uk-based natural skincare brand.  Full Article

Avon Products Inc lowers FY 2015 revenue outlook
Thursday, 30 Apr 2015 07:01am EDT 

Avon Products Inc:Says it continues to expect constant-dollar revenue to be up modestly in FY 2015 as compared with 2014.However, based on recent foreign currency rates, revenue in reported dollars is expected to be negatively impacted by foreign currency translation, which is now expected to have an about 17 point negative impact (compared with the previous outlook of an about 12 point negative impact).Reported revenue of $8.851 bln in FY 2014.FY 2015 revenue of $7.773 bln - Thomson Reuters I/B/E/S.  Full Article

SEC charges Pakistani man over bogus Integrated Device bid

A Pakistani man has been charged with fraud by the U.S. Securities and Exchange Commission for illegally trading Integrated Device Technology Inc stock options after submitting a bogus takeover bid for the chipmaker.