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As part of its ongoing restructuring program, beauty products giant Avon Products (NYSE: AVP) announced plans to reduce its workforce by 2,400 jobs. The company's restructuring plan was first announced in 2005, and the company is now looking at completing the restructuring in 2011.Previously, the restructuring was supposed to run the company $500 million, but now the estimates are pointing to a total cost closer to $530 million. Once completed, the company plans to save itself approximately $430 million annually. This is substantially higher than the original $300 million annual savings the company had initially anticipated.
While the company has been moving through its restructuring over the past two years, the stock has been trading pretty strong. Since the end of 2005, the stock has moved from $27.34 to its current price of $39.00, picking up 42.6% for its shareholders.
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