On November 16, 2006, Avon Products, Inc. (the "Company") entered into a Master Human Resources Services Agreement (the "Agreement") with International Business Machines Corporation ("IBM"). The Agreement is a strategic multi-year business partnership by which IBM will provide the Company with a portfolio of specialized human resources services and technologies.

Edgar Online: On November 15, 2005, Avon Products, Inc. (the "Company") filed a Current Report on Form 8-K (the "November 15, 2005 Form 8-K") regarding its multi-year restructuring initiatives and indicated that restructuring charges and other costs to implement those initiatives over the next several years are expected to total $300 to $500 million before taxes, with a significant portion to be incurred in 2006. At that time, the Company was unable in good faith to make a determination of the estimated amount or ranges of amounts to be incurred for each major type of cost and the charges and future cash expenditures associated therewith, as required by Item 2.05 of Form 8-K. In the November 15, 2005 Form 8-K, the Company undertook to announce further details as initiatives are finalized. Subsequently, on February 24, 2006, the Company announced that it anticipates restructuring costs for all initiatives to total in the range of $500 million.

NEW YORK(AP)( Nov 16, 2006 ) -- IBM said Thursday it signed a multi-year contract to provide human resources services and technologies to cosmetics company Avon Products Inc.

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