ORLANDO, Fla., Nov. 29, 2021 /PRNewswire/ -- Tupperware
Brands (NYSE: TUP), a leading global consumer products company,
announces today the closing of the sale of its remaining
undeveloped land on which its headquarters is located to O'Connor
Capital Partners. This transaction generated gross sale proceeds of
$37 million.
The sale marks the completion of the transfer of all
Tupperware's remaining land in Central
Florida. The first transaction for 108 acres of land was
completed in October 2020 and this
final transaction includes 125 acres of developable land and 490
acres of common areas and wetlands. In total, Tupperware Brands has
transferred approximately 740 acres in connection with its
Orlando land sale. The company
will remain in its headquarters building and retain its 11-year
sale-leaseback arrangement with O'Connor that was executed in
November 2020.
"We remain committed to our Turnaround Plan and a key part of
that strategy is to direct all our attention to growing our core
direct selling business while evolving to an omnichannel model to
move into new categories and channels to-market," said Miguel Fernandez, CEO of Tupperware Brands. "The
decision to sell our remaining land in Orlando is another step in that direction. We
proudly call Orlando home and look
forward to continuing to be a strong community partner here in
Central Florida."
Tupperware Brands has been headquartered in the Orlando area since 1953, when founder and
inventor Earl Tupper purchased over
1,300 acres of undeveloped land in what was at the time, a small
farm community. Tupperware Brands, then known as Tupperware Home
Parties, was the largest corporation in the area and played a
foundational role in the development of the surrounding land.
"O'Connor is excited to continue and expand its development
activities in the area – which date back to 2003 and have covered
more than 800 acres of developable land," added John O'Connor, Head of Acquisitions at O'Connor.
"This transaction represents our final phase of a multi-year
development partnership with Tupperware."
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.
Investors: Alexis
Callahan, alexiscallahan@tupperware.com, 321.588.5129
Media: Cameron Klaus, cameronklaus@tupperware.com,
407.371.9784
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SOURCE Tupperware Brands