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INFORMATION
TO BE INCLUDED IN THE REPORT
Item 2.01 Completion of Acquisition or Disposition of Assets.
On February 15, 2019, Avon Products, Inc. (the “Company”) through its affiliates Avon Asia Holdings Company and Avon Products (China) Co., Ltd (the “Affiliates”), completed its previously disclosed sale to TheFaceShop Co., Ltd., an affiliate of LG Household & Health Care Ltd. (the “Purchaser”) all of the equity interests in Avon Manufacturing (Guangzhou), Ltd. (the “Acquired Entity”) for a total purchase price of $71 million. Net cash proceeds (pre-tax) were $47 million after the required repayment by the Company of certain outstanding
intercompany loans of $23.3 million and after deducting cash on hand in the Acquired Entity of $0.7 million.
In accordance with the sale, and as noted in the previous disclosure, a subsidiary of the Company granted to the Acquired Entity a limited purpose license to maintain and use the current name of the Acquired Entity. As noted in the previous disclosure, a subsidiary of the Company also entered into a Manufacturing and Supply Agreement with the Acquired Entity, under which the Acquired Entity will continue to manufacture products for Avon’s China business and other Avon markets.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
