Tupperware Brands Sells Real Estate Associated with Beauty Business in New Zealand

Rhea-AI Summary

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.

Positive

• Generated approximately $14 million USD from the sale of non-core assets.
• Aligns with the company's turnaround strategy focused on core business.

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• None.

ORLANDO, Fla., Dec. 15, 2021 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, announces today the sale and lease-back of its real estate assets associated with its Nutrimetics beauty business in New Zealand. The sale includes two warehouses and a manufacturing facility, and generated gross proceeds of $20.5 million NZD, or approximately $14 million USD. This transaction is in line with the Company's turnaround plan strategy of divesting non-core assets, and follows the Company's recently completed sale of its remaining land in Central Florida announced last month.

"Our Turnaround Plan commitment to focus on our core business remains steadfast, and the decision to sell these assets in New Zealand demonstrates that commitment, while also unlocking capital that can be deployed in order to fuel our transformation," said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "Our goal remains to restore our iconic brand to sustained growth, and this transaction represents further progress toward that goal."

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.

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

FAQ

What was the outcome of Tupperware's recent asset sale in New Zealand?

Tupperware Brands sold real estate assets associated with its Nutrimetics beauty business, generating approximately $14 million USD.

How does the sale of assets affect Tupperware's business strategy?

The sale is part of Tupperware's turnaround plan to divest non-core assets and refocus on its primary business operations.

When did Tupperware Brands announce the sale of its New Zealand assets?

Tupperware announced the asset sale on December 15, 2021.

What is Tupperware's stock symbol?

Tupperware Brands trades under the stock symbol TUP.