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Avon CEO Jan Zijderveld attributed the move to a strategy of “simplifying our U.S. operations,” “providing fuel for growth” and becoming “more fit for purpose.”
Avon expects to stay in Rye for 3 to 5 years. “But beyond that it is difficult for us to know what will happen,” said CFO Jim Scully.
High costs sank Avon’s earnings, while sales of Regeneron’s treatment for macular degeneration returned the company to profitability.