Tupperware Brands Sells Real Estate Associated with Beauty Business in New Zealand

Company increases cash through divestiture of non-core assets

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Dec 15, 2021, 08:30 ET

ORLANDO, Fla., Dec. 15, 2021 /PRNewswire/ -- Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, announces today the sale and lease-back of its real estate assets associated with its Nutrimetics beauty business in New Zealand. The sale includes two warehouses and a manufacturing facility, and generated gross proceeds of $20.5 million NZD, or approximately $14 million USD. This transaction is in line with the Company's turnaround plan strategy of divesting non-core assets, and follows the Company's recently completed sale of its remaining land in Central Florida announced last month.

"Our Turnaround Plan commitment to focus on our core business remains steadfast, and the decision to sell these assets in New Zealand demonstrates that commitment, while also unlocking capital that can be deployed in order to fuel our transformation," said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "Our goal remains to restore our iconic brand to sustained growth, and this transaction represents further progress toward that goal."

About Tupperware Brands Corporation

Tupperware Brands Corporation (NYSE: TUP) is a leading global consumer products company that designs innovative, functional and environmentally responsible products that people love and trust. Founded in 1946, Tupperware's signature container created the modern food storage category that revolutionized the way the world stores, serves and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. With a purpose to nurture a better future, Tupperware^® products are an alternative to single-use items. The Company distributes its products into nearly 70 countries primarily through independent representatives around the world. For more information, visit Tupperwarebrands.com or follow Tupperware on Facebook, Instagram, LinkedIn and Twitter.

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SOURCE Tupperware Brands Corporation