Tupperware Brands Enters into Definitive Agreement to Sell its Nutrimetics Beauty Business
Tupperware Brands Corporation (NYSE: TUP) announced the definitive sale of its Nutrimetics beauty business, which operates in Australia, New Zealand, and France. This move is part of Tupperware's turnaround strategy, focusing on divesting non-core assets to enhance growth within its core brand. The transaction follows two previous sales of beauty businesses in South Africa and Mexico. While financial terms and closing dates remain undisclosed, this step is viewed as a significant milestone towards restoring the iconic Tupperware brand to sustained growth.
- Divesting non-core assets aligns with Tupperware's turnaround strategy.
- Focus on growing the core Tupperware brand could enhance overall company growth.
- None.
ORLANDO, Fla., June 7, 2022 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, announces today that it has entered into a definitive agreement for the sale of its Nutrimetics beauty business, which operates in Australia, New Zealand, and France. This transaction advances 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 Nutrimetics beauty business follows the Company's sale of its Avroy Shlain beauty business in South Africa during the first quarter of 2021, and the sale of its House of Fuller beauty business in Mexico during the second quarter of 2022.
"We are pleased to have reached agreement to sell our Nutrimetics beauty business," said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "We remain focused on executing on our turnaround plan, and the sale of our non-core assets, including Nutrimetics, aligns with this strategy by enabling the Company to increasingly focus on growing our core Tupperware brand. Our goal remains unchanged: to restore this iconic brand to sustained growth and deliver increased value to all stakeholders. This transaction represents yet another milestone along that path."
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.
Investors: Alexis Callahan, alexiscallahan@tupperware.com, 321.588.5129
Media: Cameron Klaus, cameronklaus@tupperware.com, 407.371.9784
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SOURCE Tupperware Brands Corporation
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