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Avon To Eliminate 650 Jobs

It's part of the company's plan to cut $400 million in costs.

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By: Jamie Matusow

Editor-in-Chief

Avon Products plants to cut 650 jobs, as part of its plan to cut $400 million in costs.

The company also had a server transformation project underway, to revamp its order managemnet technology, but will halt its rollout.

The company said it expects to realize annualized savings of about $40 million-$45 million before taxes from the job cuts. Avon shares were down 4 percent at $17.05 on the New York Stock Exchange in morning trade.

Avon also is reviewing operations in smaller, underperforming markets to be restructured or closed and in July sold its Silpada jewelry unit.

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