Tupperware Brands Enters into Definitive Agreement to Sell its House of Fuller Beauty Business
Tupperware Brands Corporation (NYSE: TUP) announced the definitive agreement to sell its House of Fuller beauty business in Mexico as part of its strategy to divest non-core assets.
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Rhea-AI Summary
Tupperware Brands Corporation (NYSE: TUP) announced the definitive agreement to sell its House of Fuller beauty business in Mexico as part of its strategy to divest non-core assets. This follows the sale of its Avroy Shlain beauty business in South Africa earlier in 2021. The company aims to focus resources on its core Tupperware brands to restore growth and deliver value to stakeholders. The terms of the transaction, including the expected closing date, remain undisclosed.
Positive
- Advancement in turnaround strategy by divesting non-core assets.
- Focus on growing core Tupperware brands enhances resource allocation.
Negative
- Details of the sale transaction, including financial terms, are undisclosed.
Details
News Market Reaction – TUP
The recorded move for TUP in the trading session of this news was -0.89%.
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ORLANDO, Fla., Oct. 18, 2021 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP) announces today the entry into a definitive agreement for the sale of its House of Fuller beauty business in Mexico. This transaction is in line with the Company's turnaround plan strategy of divesting non-core assets. Terms of the transaction, including the anticipated closing date, have not been disclosed. The sale of the House of Fuller beauty business follows the Company's sale of its Avroy Shlain beauty business in South Africa during the first quarter of 2021.
"We are pleased to have reached agreement to sell our Fuller beauty business in Mexico," said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "This sale represents further progress toward our stated goal of divesting non-core assets, and enables the Company to focus its resources on growing our core Tupperware brands. We will continue to execute on our turnaround plan in order to restore this iconic brand to sustained growth and deliver increased value to all stakeholders."
About Tupperware Brands Corporation
Tupperware Brands Corporation (NYSE: TUP) is a leading global consumer products company that designs innovative, functional and environmentally responsible products that people love and trust. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. With a purpose to nurture a better future, Tupperware® products are an alternative to single-use items. The Company distributes its products into nearly 70 countries primarily through independent representatives around the world. For more information, visit Tupperwarebrands.com or follow Tupperware on Facebook, Instagram, LinkedIn and Twitter.
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SOURCE Tupperware Brands Corporation
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