AVON PRODUCTS INC: restructuring charge — Avon Products approves closure of Suffern R&D facility, relocation to Brazil and Poland with $39M restructuring costs

AVON PRODUCTS INC

Board approved plan to close Suffern, NY R&D facility and relocate to Brazil and Poland by end of June 2024 fiscal quarter.
Expected non-recurring restructuring costs of approximately $39.0 million and capital expenditures of $10.0 million.
Potential impairment charge on fixed assets in the range of $35.0 million to $40.0 million.
Relocation aims to deliver Global Innovation Program and realize cost efficiencies.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.7

AVON PRODUCTS INC announced a impairment with charges of $35.0 million to $40.0 million affecting fixed assets related to Suffern facility closure.

Type: impairment
Charge: $35.0 million to $40.0 million
Affected area: fixed assets related to Suffern facility closure

Exact text from the filing

Avon is also performing an impairment analysis over fixed assets and, as a result, expects to record a potential impairment charge in the range of $35.0 million to $40.0 million.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

AVON PRODUCTS INC announced a restructuring with charges of approximately $39.0 million affecting research and development facilities in Suffern, New York, relocated to Brazil and Poland.

Type: restructuring
Charge: approximately $39.0 million
Affected area: research and development facilities in Suffern, New York, relocated to Brazil and Poland

Exact text from the filing

development activities to Brazil and Poland. Avon expects to incur non-recurring restructuring costs in connection with the closure and relocation in the amount of approximately $39.0 million, to be incurred in the fiscal years ending December 31, 2022, 2023, 2024 and 2025 and capital expenditures relating to the infrastructure and facilities in Brazil and Poland

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Source: SEC EDGAR

accession 0000950103-22-019486

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