Avon Completes Sale of China Manufacturing Operation
AVON PRODUCTS (AVP)
Last avon products earnings: 10/31 06:45 am
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Source: PR Newswire
LONDON, Feb. 22, 2019 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) ("the Company"), a globally recognised leader in direct selling of beauty products, today announced it completed the sale of its China manufacturing facility to TheFaceShop Co., Ltd., a subsidiary of LG Household & Health Care Ltd., one of Asia's largest consumer goods and beauty companies. TheFaceShop has acquired all of the shares of Avon's beauty manufacturing operation in Guangzhou, China. Net proceeds (pre-tax) to Avon are approximately $47 million.As previously announced, the companies have entered 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.The closing of the sale is a concrete step in Avon's "Open Up" transformation plan, key to which is a strategic shift to bui
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