P. M. BRIEFING : Avon Pulls Plug on Japan Deal
Avon Products Inc., the cosmetics and jewelry giant, said today that it has terminated the sale of its profitable Avon Japan unit to two Japanese firms but plans to resume talks with other bidders.
The company has operated in Japan for 20 years with a network of 350,000 sales representatives. It announced the sale of the unit in February for $450 million.
The company, facing a takeover threat from a dissident investor group, has been trying to reduce its $696 million in debt and boost its profits. The sale of the Japan unit would go a long way toward achieving that goal.
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