Avon to Move Headquarters to UK and Cut 2,500 Jobs

Avon Products Inc., which split off its North American operations earlier this month, plans to eliminate about 2,500 jobs and shift its headquarters to the U.K. in a cost-cutting move. The shake-up will generate one-time expenses of about $60 million in the first quarter from severance and other costs, the New York-based cosmetics company said in a statement Monday. Avon expects to generate savings of as much as $70 million from the cuts by 2017.