Tupperware to sell its Neutrimetics beauty business as it continues to divest non-core assets

Tupperware Brands Corp. said Tuesday it has entered a definitive agreement to sell its Neutrimetics beauty business, which operates in Australia, New Zealand and France. The deal is part of the maker of kitchen storage products’ turnaround plan of divesting non-core assets, it said in a statement. Terms including an expected closing date were not disclosed. In the first quarter, the company sold its Avroy Shlain beauty business in South Africa, and followed that in the second quarter by selling its House of Fuller beauty business in Mexico. On Monday, the company said it had eliminated the position of chief operating officer on June 2. Tupperware’s first-quarter earnings posted in May were far worse than expected and the company withdrew its guidance, as sales were slammed by the Russian attack on Ukraine, COVID-related lockdowns in China and challenges in execution and technology. Shares were up 1.1% premarket but have fallen 59% in the year to date, while the S&P 500 has fallen 13.5%.

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