BusinessWeek: Lathrop Gage Represents Silpada in Sale to Avon
Avon to Buy Jewelry Seller Silpada for $650 Million
July 12 (Bloomberg) -- Avon Products Inc., the world’s largest door-to-door cosmetics seller, agreed to buy jewelry company Silpada Designs Inc. for at least $650 million to broaden its product line.
Avon will make a potential additional payment in early 2015 to current Silpada shareholders if earnings growth targets are achieved, New York-based Avon said today in a statement. The purchase may add 3 cents to 5 cents a share in 2011 profit.
Chief Executive Officer Andrea Jung has pursued acquisitions to expand beyond beauty products, which accounted for more than 70 percent of Avon’s $10 billion in sales last year. Closely held Silpada, with operations in the U.S., Canada and the U.K., gives Avon control of the largest and fastest- growing direct seller of sterling silver jewelry. Read more ...