Avon's stock surges after deal to sell China manufacturing operations [MarketWatch]
AVON PRODUCTS (AVP)
Last avon products earnings: 10/31 06:45 am
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Source: MarketWatch
Avon's stock surges after deal to sell China manufacturing operations Shares of Avon Products Inc. AV., +2.10% rallied 4.4% in premarket trade Tuesday, after the beauty products direct-selling company announced a deal to sell its China manufacturing operation, for net proceeds of $44 million. The buyer is LG Household & Health Care Ltd. subsidiary TheFaceshop Co. Ltd. Avon said it has entered into a manufacturing and supply agreement with TheFaceshop. "This agreement provides us with greater operational and financial flexibility, while allowing us to benefit from the local knowledge, world-class products, R&D expertise and infrastructure of internationally-recognized partners such as LG H&H," said Avon Chief Executive Jan Zijderveld. Avon's stock has lost 16.8% over the past 12 months, while the S&P 500 SPX, +0.70% has slipped 7.2%. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
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