TheFaceShop has acquired all of the shares of Avon’s beauty manufacturing operation in Guangzhou, China. The pre-tax net proceeds to Avon are approximately $47 million.Following the agreement made between the two companies in January, the Guangzhou factory will manufacture products for Avon’s Chinese business and other markets. Avon’s associates at the facility will remain with the operation.

The sale marks another step in Avon’s “Open Up” transformation plan, a strategy that prioritizes building partnerships with local manufacturing and delivery entities in Asia and other regions around the world. “The more local structure better fits our purpose and better positions us to grow in China and the wider Asian market,” said Jan Zijderveld, chief executive officer of A…