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TheFaceShop Co. acquires operation in $44 million deal.
January 8, 2019
By: Christine Esposito
Editor-in-Chief
Avon Products, Inc., London, has entered into a definitive agreement with TheFaceShop Co., Ltd., a subsidiary of LG Household & Health Care Ltd., 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 Chinese business and other m...
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