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EXHIBIT 99
Release: Wed. Sept. 13: 5:00 p.m. EDT
Contact: Michael S. Poteshman (407) 826-4522
TUPPERWARE TO ACQUIRE BEAUTICONTROL, INC.
ORLANDO, Fla., September 13, 2000 -- Tupperware Corporation (NYSE: TUP)
today announced plans to acquire BeautiControl, Inc., (NASDAQ: BUTI) a Dallas-
based direct seller of high-quality beauty and nutritional products.
The acquisition of BeautiControl will leverage Tupperware's worldwide
infrastructure, and direct selling management expertise to grow a separate
beauty business in the U.S. and in vibrant international markets.
BeautiControl will operate as a separate division, with its unique
branding, product lines and sales force. The Tupperware sales force will not
sell BeautiControl's products or vice versa.
BeautiControl, Inc. is a 20-year-old direct selling company with a sales
force of more than 50,000 independent consultants who sell through party-plan
direct selling as well as on the Internet.
In 1999, BeautiControl had retail sales of $130 million. For the six-
month period ended May 31, 2000, it reported net income of $2 million on $33
million in net company sales ($65 million in retail sales).
As part of the agreement, Tupperware will promptly commence a cash tender
offer of $7.00 per share for the common stock of BeautiControl. Shareholders
owning approximately 47% of BeautiControl shares have already agreed to tender
their shares. Any shares not purchased at the close of the tender offer shall
be acquired for $7.00 per share in cash in a subsequent merger.
The total value of the transaction will be approximately $60 million.
Tupperware will finance the acquisition with available borrowings. The closing
is subject to certain conditions, including anti-trust clearance and the tender
of a majority of BeautiControl shares.
"Tupperware is re-defining direct selling," said Rick Goings, Chairman and
CEO of Tupperware. "That means not only creating new ways to reach and serve
consumers, but leveraging our strengths, skills and infrastructure to add and
grow other premium businesses. BeautiControl is an ideal addition to the
Company because it brings not only a high quality product line, but a highly
trained sales force that will be expanded here in the U.S., and in other large
beauty products markets such as those in Latin America.
Additionally we are glad that Dick and Jinger Heath, co-founders of
BeautiControl will continue to lead the business."
"We at BeautiControl are pleased to become a part of a company with more
than 50 years of direct selling leadership and a brand that has become a
household word", said Dick and Jinger Heath. "We see a strategic match with
Tupperware and know our sales force will be excited to be associated with such a
great company to achieve increased growth."
(more)
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Due to the timing of this transaction, it is not expected to impact
Tupperware's year 2000 results. Looking forward, the inclusion of BeautiControl
is expected to be mildly dilutive in 2001 and 2002, before becoming accretive in
2003.
In terms of the outlook for Tupperware, for the third quarter, excluding
the negative impact of foreign exchange, the target continues to be a modest
increase in sales. Including foreign exchange, the net income target continues
to be about double last year. The negative impact from foreign exchange
included in this outlook is 2 to 4 cents per share coming from Europe. For the
full year, the target remains at a high single-digit sales increase and an
increase in net income in the 30-percent range, excluding the negative impact of
foreign exchange. Using current rates, the negative foreign exchange impact for
the full year is 22 to 24 cents per share, primarily related to Europe.
Tupperware and BeautiControl will conduct a joint conference call on
Thursday, September 14, 2000 at 8:30 a.m. Eastern time. The conference call
will be simulcast and archived on StreetFusion.com and Tupperware.com. This can
be accessed through the StreetFusion.com website, www.streetfusion.com or
www.tupperware.com/company/investor/.
Statements contained in this release which are not historical fact may be
forward-looking statements. These statements involve risks and uncertainties
which include the integration of BeautiControl as a separate operation of
Tupperware, recruiting and activity levels of the independent sales forces, the
success of new product introductions and promotional programs, the effects of
economic conditions generally and foreign exchange risk in particular, and other
risks detailed in the Company's report on Form 8-K dated February 28, 1997, as
filed with the Securities and Exchange Commission.
Tupperware Corporation, a $1.0 billion multinational company, is one of the
world's leading direct sellers and suppliers of food storage, preparation and
serving items, with premium products reaching consumers in more than 100
countries. Tupperware's web site address is www.tupperware.com, and its stock
is listed on the New York Stock Exchange.
WE URGE HOLDERS OF BEAUTICONTROL COMMON STOCK TO READ THE TENDER OFFER
DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors will be able to obtain these documents free of charge at
the SEC's website, www.sec.gov. In addition, documents filed with the SEC by
Tupperware will be available free of charge from Tupperware at 14901 S. Orange
Blossom Trail, Orlando, FL 32837, Attn: Corporate Secretary. Documents filed
with the SEC by BeautiControl will be available free of charge from
BeautiControl at 2121 Midway, Carrollton, TX 75006, Attn: Corporate Secretary.
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