After spinning off its North America business in a deal with Cerberus Capital Management LP, Avon Products Inc. said next steps will include job cuts and a move to the U.K.
The recent deal saw Cerberus invest $435 million for a 16.6 percent ownership stake in Avon, a maker of beauty, household and personal-care products.
The private equity firm paid an additional $170 million for 80 percent ownership in Avon North America, which will now operate as a privately held entity under the name New Avon LLC. Avon, less North America, came away from the table with about $1 billion in cash on the books.
Looking to the future, management on Monday laid out the bones of a three-year plan to streamline continuing operations in more than 70 markets. The strategy includes standardizing roles and processes across commercial