Avon will acquire jewelry seller Silpada for $650 million in cash
By APMonday, July 12, 2010
Avon buys Silpada for $650 million
NEW YORK — Avon Products says it agreed to buy Silpada Designs for at least $650 million in an effort to expand its jewelry business.
Silpada is a direct seller of sterling silver jewelry in the U.S., Canada and the U.K. Its headquarters are in Lenexa, Kan.
Beauty-products seller Avon says it could make an additional payment in 2015 if some earnings growth targets are met. It expects the deal will help net income by 3 cents to 5 cents per share in 2011.
Avon, based in New Yor, says the acquisition will help it reach new customers and sales representatives.
The deal is expected to close in the third quarter.
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