MELKSHAM, England (Dec. 9, 2010)—Avon Rubber P.L.C. has been selected as the “International Company Turnaround” winner for 2010 by the Institute for Turnaround. Avon beat out General Motors for the award, which finished second.
For its fiscal year ended Sept. 30, Avon Rubber's revenues grew 16.6 percent to $185.4 million, while operating profit increased 74.5 percent to $14.7 million. Avon said it reduced its net debt by $1.58 million and reinstated its dividends.
“Avon is a very different company to that of a few years ago,” said Chief Executive Peter Slabbert of the award. “Avon was a loss-making manufacturing company, lacking focus and direction with many diverse business areas. A new management team implemented a plan to transform Avon into a successful, innovative customer- and technology-led group.”