ORLANDO, Florida., September 29, 2022 /PRNewswire/ — Tupperware Brands Corporation (NYSE: TUP), a global leader in consumer products, today announced that it has reached an agreement with the United States Securities and Exchange Commission (SEC) to fully resolve its investigation related to certain accounting practices in the business of beauty House of Fuller, now sold to Mexico from 2016 to the first quarter of 2020. Under the terms of the settlement, Tupperware neither admits nor denies the SEC’s findings and will pay a non-material civil penalty, which was fully accrued in the second quarter of 2022.
“One of our fundamental principles at Tupperware is that we do the right thing. When we first discovered some accounting issues in our now divested beauty business Mexicowe have taken prompt action to conduct a thorough internal review and proactively respond to the findings to improve our processes, procedures and internal control framework at this former business,” said Miguel Fernandez, CEO of Tupperware. “We are excited to resolve this issue and focus on evolving the Tupperware brand into the future.”
Tupperware has completed the sale of beauty company House of Fuller to Mexico in the second quarter of 2022 as part of its stated strategy of divesting non-core assets and focusing its resources on growing the core Tupperware brand.
About Tupperware Brands Corporation
Tupperware Brands Corporation (NYSE: TUP) is a global consumer products leader that designs innovative, functional and eco-friendly products that people love and trust. Founded in 1946, Tupperware’s signature box created the modern food storage category that revolutionized the way the world stores, serves and prepares food. Today, this iconic brand has over 8,500 functional and utility design patents for solution-oriented kitchen and home products. In an effort to foster a better future, Tupperware® products are an alternative to single-use items. The company distributes its products in nearly 70 countries mainly through independent representatives worldwide. For more information, visit Tupperwarebrands.com or follow Tupperware on Facebook, instagram, LinkedIn and Twitter.
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SOURCE Tupperware Brands Corporation