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Tupperware Brands Corporation (NYSE: TUP) is a globally recognized consumer products company that specializes in designing, manufacturing, and distributing innovative, functional, and environmentally responsible kitchen and home products. Founded in 1946, Tupperware revolutionized food storage with its signature container that has become a household staple. With a strong commitment to sustainability, Tupperware offers alternatives to single-use items, promoting environmentally friendly lifestyles.
The company's product lineup includes over 8,500 functional design and utility patents, demonstrating its dedication to innovation and quality. Tupperware operates in nearly 70 countries and utilizes a direct selling business model through independent representatives, while also expanding into digital platforms and business-to-business distribution channels.
Tupperware manages its operations across four reportable segments: the Asia Pacific, Europe (including Africa and the Middle East), North America, and South America. This wide reach allows the company to cater to diverse markets and maintain a robust international presence.
Recent achievements include the restructuring of existing debt obligations to improve financial stability and support turnaround efforts. This was complemented by the appointment of Laurie Ann Goldman as President and CEO, bringing extensive experience in leadership and brand building from her previous roles at Spanx and Avon North America.
Tupperware has also been recognized as one of the 2024 Most Trustworthy Companies in America by Newsweek, ranking 13th in the consumer goods category. This accolade highlights the company's commitment to trustworthiness through product innovation, sustainability, and strong leadership.
The company's recent product launch, the Tupperware® WowPop microwave popcorn maker, exemplifies its continuous innovation, offering a convenient and space-saving solution for gourmet popcorn making.
Tupperware is actively working to complete the preparation and filing of its 2023 financial statements, following the engagement of its new auditor, KPMG LLP. Despite receiving a non-compliance notice from the NYSE regarding timely financial filings, the company is diligently working to regain compliance and maintain its stock listing.
Overall, Tupperware Brands Corporation remains a significant player in the consumer goods industry, known for its innovative products, global reach, and steadfast commitment to sustainability and quality.
Tupperware Brands Corporation (NYSE: TUP) announced a $75 million accelerated share repurchase program in partnership with Wells Fargo, set to buy back approximately 4.6 million shares, equating to 8.7% of its outstanding stock. Funded through available cash and borrowings, this repurchase is part of a broader $250 million authorization approved in June 2021. The initial payment will allow the company to receive about 3.4 million shares, with final totals to be determined based on average pricing. The program is projected to complete by mid-2022.
Tupperware Brands Corporation (NYSE: TUP) reported its fourth quarter and full year 2021 results, revealing a 3% year-over-year increase in net sales to $1.602 billion. However, Q4 sales dropped by 12%. The company posted a gross profit margin of 66.7% for the year but experienced a decline to 61.0% in Q4, attributed to rising resin costs. Adjusted diluted EPS for the year was $3.25, up from $2.15 in 2020. Tupperware also refinanced its credit facilities, enhancing liquidity by approximately $100 million. Future guidance estimates adjusted EPS between $2.60 and $3.20 for 2022.
Tupperware Brands Corporation (NYSE: TUP) announced its schedule for releasing fourth quarter and full year 2021 financial results on February 23, 2022, prior to market opening. A conference call will be held at 8:30 a.m. ET to discuss these results. The company is known for its innovative consumer products and operates in nearly 70 countries, distributing products mainly through independent representatives. Tupperware is focused on providing environmentally responsible solutions and has over 8,500 patents for its products.
Tupperware Brands (NYSE: TUP) announced the sale and lease-back of real estate assets tied to its Nutrimetics beauty business in New Zealand, generating approximately $14 million USD. This decision aligns with Tupperware's turnaround plan to divest non-core assets and focus on its main business, enabling reinvestment into operations. The sale follows the recent disposal of land in Central Florida as part of the ongoing strategy to restore growth. Tupperware aims to leverage this capital for transformation efforts.
Tupperware Brands Corporation (NYSE: TUP) announced the opening of a new global sourcing center in Singapore, supported by the Singapore Economic Development Board. This center will enhance Tupperware's supply chain organization and support its strategy to diversify product lines and improve sustainability. The office will focus on sourcing, product development, and regulatory standards, among other functions. Jakob Rojens has been appointed as Managing Director, bringing extensive experience in sourcing. This initiative aims to meet growing consumer demand and expand Tupperware's reach in Asia and globally.
Tupperware Brands Corporation (NYSE: TUP) has released its 2020 sustainability report, emphasizing its commitment to integrating environmental, social, and governance (ESG) strategies into its operations as part of a turnaround plan. The report outlines targets for 2025 and 2030, including a 90% reduction in GHG emissions and 95% elimination of non-recyclable packaging. Notable achievements include a 72% waste diversion rate and recognition as one of America's Most Responsible Companies. The company continues to empower its global sales force to adapt digitally amidst COVID-19 challenges.
Tupperware Brands (NYSE: TUP) has completed the sale of its remaining undeveloped land in Central Florida for $37 million. This final transaction encompasses 125 acres of developable land and 490 acres of common areas, contributing to a total of approximately 740 acres sold since the initial land sale in October 2020. The company maintains its headquarters with an ongoing 11-year sale-leaseback arrangement with O'Connor Capital Partners, demonstrating its commitment to focusing on its core direct selling business.
Tupperware Brands Corporation (NYSE: TUP) announced the successful establishment of an $880 million secured credit facility to refinance its existing debts. This new financing lowers interest rates by over 6 percentage points and extends credit maturity by 2.5 years to 2026. The new facility enhances liquidity by approximately $100 million, with terms allowing for full pre-payment. The financial restructuring aims to optimize capital and support future growth, showcasing Tupperware's commitment to its Turnaround Plan.
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