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LG H&H Exits Avon in North America Portfolio Restructuring

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LG H&H's (KRX:051900) U.S. subsidiary has agreed to sell its entire 100% stake in The Avon Company to Stratford Worldwide for 8.36 billion won as part of a strategic restructuring of its North American business portfolio.

The disposal, scheduled to close on Sept. 1, was approved by LG H&H USA's board on Aug. 23, also includes the transfer of all 2,008 shares of The Avon Company Canada to Stratford for a nominal $1.

The sale will see LG H&H USA reduce its stake in Avon from 60 million shares to zero, representing a disposal ratio of about 0.1% of LG H&H's total consolidated assets.

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