Avon Announces Agreement to Sell China Manufacturing Operation
AVON PRODUCTS (AVP)
Last avon products earnings: 10/31 06:45 am
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Source: PR Newswire
LONDON, Jan. 8, 2019 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) ("the Company"), a globally recognised leader in direct selling of beauty and related products, today announced it has entered into a definitive agreement with TheFaceshop Co., Ltd., a subsidiary of LG Household & Health Care Ltd., one of Asia's largest consumer goods and beauty companies, under which TheFaceShop will acquire all of the shares of Avon's Beauty manufacturing operation in Guangzhou, China. Net proceeds to Avon will be $44 million.The companies also agreed to enter into a manufacturing and supply agreement, under which the Guangzhou factory will manufacture products for Avon's fast-growing Chinese business and other markets, while maximizing the capacity of the plant for its own production. Avon's associates at the facility will remain with the operation.These agreements are another step in Avon's strategic shift to opening up its business mindset with best in class partners to efficiently manufacture a
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