ORLANDO,
Fla., Sept. 29, 2022 /PRNewswire/ -- Tupperware
Brands Corporation (NYSE: TUP), a leading global consumer products
company, today announces that it has reached a settlement with the
U.S. Securities and Exchange Commission (SEC) to fully resolve
resolve its inquiry related to certain accounting practices of
the now divested House of Fuller beauty business in Mexico from 2016 through the first quarter of
2020. Under terms of the settlement, Tupperware neither admits nor
denies the SEC's findings and will pay an immaterial civil penalty,
which was fully accrued in the second quarter of 2022.
"One of our core principles at Tupperware is that we do what's
right. When we first discovered certain accounting issues in our
now divested beauty business in Mexico, we took swift action to conduct a
thorough internal review and proactively address the findings to
improve our processes, procedures and internal control framework in
this former business," said Miguel
Fernandez, CEO of Tupperware. "We are pleased to put this
issue to rest and focus on moving the Tupperware brand into the
future."
Tupperware closed on the sale of the House of Fuller beauty
business in 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 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: Doug Lane,
douglaslane@tupperware.com
Media: Cameron Klaus,
cameronklaus@tupperware.com, (407) 371-9784
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SOURCE Tupperware Brands Corporation