Avon Products inc. said it has taken additional actions relating to a previously disclosed $400 million cost savings initiative that now includes global headcount reductions.
In a regulatory filing, the company said the total number of positions to be lost are 650, representing $35 million in charges expected to be posted in the fourth quarter of 2013. When including other additional actions, centered on halting the further roll-out of the company's order management system that was initiated back in 2009, the total charges for the quarter range between $35 million to $45 million, before taxes.
The regulatory filing, or Form 8-K, with the Securities and Exchange Commission, was filed earlier today. The filing said these additional actions were approved by the company on Dec. 9.
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