Key Developments: Avon Products Inc (AVP)

AVP on New York Consolidated

14.21USD
27 Aug 2014
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$0.05 (+0.35%)
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Latest Key Developments (Source: Significant Developments)

U.S. Rejects Avon Products Inc's Offer TO End Bribe Investigation-DJ
Thursday, 1 Aug 2013 07:25pm EDT 

Dow Jones reported that Federal officials rejected Avon Product Inc.'s $12 million offer to settle a multiyear bribery probe, a lowball proposal for the beauty company that has spent more than a third of a billion dollars on the investigation. Avon said it is awaiting a counterproposal from the Justice Department and Securities and Exchange Commission, which shot down the offer Avon said it made in June. In early discussions, Justice Department and SEC officials have expressed their belief that Avon's penalty should exceed $100 million, a person familiar with the matter said. Spokespeople for the Justice Department and the SEC declined to comment. Avon has said it is cooperating with the Justice Department and SEC. The bribery probe has dogged Avon since 2008, costing the Company at least $340 million in legal and other bills relating to an internal investigation, according to securities filings. Avon is probing whether it violated the Foreign Corrupt Practices Act by making payments or providing gifts to officials in China to secure licenses to sell its products there. The probe began after former CEO Andrea Jung got a tip. The investigation then spread to other countries, including key markets in Latin America. Avon hired Cravath, Swaine & Moore LLP last year, and the firm has been leading the settlement negotiations, according to a person familiar with the matter. Law firm Arnold & Porter LLP conducted the board-supervised internal investigation.  Full Article

Avon Products Inc Declares Regular Quarterly Dividend
Thursday, 1 Aug 2013 07:00am EDT 

Avon Products Inc announced that it has declared a regular quarterly dividend on its common stock of $.06 per share, payable September 3, 2013, to shareholders of record on August 15, 2013.  Full Article

Avon Products Inc Goes Back To Beauty With Sale of Silpada-DJ
Tuesday, 2 Jul 2013 06:58pm EDT 

Dow Jones reported that Avon Products Inc said it will sell its struggling jewelry business for $85 million in cash. Avon said it will sell Silpada back to the founders of the business, and said it may pay them an additional $15 million if the business meets certain earnings targets over the next two years. Avon expects to book an $80 million pre-tax loss from the sale in the second quarter, and plans to use the proceeds to repay debt and other purposes. The deal is expected to close July 3.  Full Article

Avon Products Inc Declares Regular Quarterly Dividend
Tuesday, 30 Apr 2013 07:00am EDT 

Avon Products Inc announced that it declared a regular quarterly dividend on its common stock of $.06 per share, payable June 3, 2013, to shareholders of record on May 14, 2013.  Full Article

Avon Products Inc Announces Chairman Change-Form 8-K
Friday, 26 Apr 2013 07:06am EDT 

Avon Products Inc reported in its Form 8-K on April 26, 2013, Avon Products, Inc. (Company) announced that Fred Hassan, Chairman of the Board of Directors (Board), resigned from the Board effective April 26, 2013. The Board also appointed Douglas R. Conant as Chairman of the Board at the April 25, 2013 special meeting, effective April 26, 2013.  Full Article

Avon Products Inc Announces Reduction Of Headcount And Closure Of Underperforming Markets; Sees Q1 2013 Charge
Monday, 8 Apr 2013 07:15am EDT 

Avon Products Inc announced that its latest actions include a global headcount reduction of more than 400 associates across all regions and functions, and the restructuring or closure of certain smaller, underperforming markets, primarily in Europe, Middle East & Africa, including the exit of the Republic of Ireland market. The Company expects these actions to be largely completed before the end of 2013. The Company also announced that for first quarter of 2013, it expects charges related to these actions to be in the range of $35 to $40 million before taxes and that approximately $20 million of that total will be recorded.  Full Article

Avon Products Inc Declares Regular Quarterly Dividend
Tuesday, 12 Feb 2013 07:00am EST 

Avon Products Inc announced that it has declared a regular quarterly dividend on its common stock of $.06 per share, payable March 1, 2013, to shareholders of record on February 26, 2013.  Full Article

Avon Products Inc Will Cut 1,500 Jobs-Reuters
Tuesday, 11 Dec 2012 09:54pm EST 

Reuters reported that Avon Products Inc said it will cut about 1,500 jobs globally and will exit the South Korea and Vietnam markets as part of a turnaround plan announced in November, 2012.  Full Article

Avon Products Inc Declares Quarterly Dividend
Thursday, 1 Nov 2012 07:00am EDT 

Avon Products Inc announced that it has declared a regular quarterly dividend on its common stock of $.06 per share, down from $.23 per share in the previous quarter. The dividend is payable December 3, 2012, to shareholders of record on November 15, 2012.  Full Article

US FDA Warns Avon Products Inc To Smooth Out Claims On Skin Care Products-Reuters
Wednesday, 17 Oct 2012 08:04am EDT 

Reuters reported that the U.S. Food and Drug Administration warned beauty products company Avon Products Inc to stop advertising its Anew range of skin care products using language that makes them sound like drugs. The FDA reviewed the Company's website in August, and objected to claims made about the products Anew Clinical Advanced Wrinkle Corrector, Anew Reversalist Night Renewal Cream, Anew Reversalist Renewal Serum, Anew Clinical Thermafirm Face Lifting Cream, and Solutions Liquid Bra Toning Gel. The regulator warned Avon Products Inc in a letter dated October 5 that the claims on the Company's website implied those products were intended to affect the structure or function of the human body, which would classify them as drugs.  Full Article

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Avon expects profit from North America in 2015

- Avon Products Inc , a direct seller of cosmetics, said it expects its North American business to turn profitable in 2015 as it cuts costs and introduces more incentives for its sales representatives.

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