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AVON ANNOUNCES TENDER OFFER FOR JAPANESE SUBSIDIARY'S SHARES

 AVON ANNOUNCES TENDER OFFER FOR JAPANESE SUBSIDIARY'S SHARES
 NEW YORK, Sept. 13 /PRNewswire/ -- Avon Products Inc. (API) (NYSE: AVP), which owns 60 percent of its Japanese subsidiary, Avon Japan, has announced that a tender offer is being made for up to 20 million of Avon Japan's 27.2 million shares which are publicly traded in Japan. Should fewer than 13.6 million shares be tendered, Avon would withdraw its offer.
 "Avon Japan is the linchpin of our operation in Asia," said James E. Preston, chairman and chief executive officer of Avon. "Our efforts to repurchase shares are evidence of our confidence in Avon Japan. It is appropriate for us to increase our ownership."
 The tender price is set at 560 yen per share, the average of the stock's closing price for the ten trading days prior to the tender offer plus a premium of nearly 20 percent. Shareholders have until Oct. 13, 1992 to tender their shares.
 The tender offer is being made in Japan by two of API's wholly- owned subsidiaries: Avon International Operations Inc. and Avon Beauty Products K.K.
 Avon Products Inc. is the world's leading direct seller and marketer of beauty and related products with $3.6 billion in annual revenues. Avon markets its products to women in more than 100 countries and began selling in Japan in 1969. Avon Japan, which has been publicly traded since 1987, employs about 1,900 and has a manufacturing and distribution facility at Atsugi and headquarters in Tokyo. Avon Japan had sales of more than $303 million in 1991.
 Copies of the tender offer are available through the Nomura Securities Co., Ltd. which will act as Avon's agent for this tender offer.
 -0- 9/13/92
 /CONTACT: Elaine Benvenuto of Avon Products Inc., 212-546-6058/
 (AVP) CO: Avon Products Inc.; Avon Japan ST: New York IN: HOU SU: OFR


ML -- NYON1 -- 8818 09/13/92 20:06 EDT
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Publication:PR Newswire
Date:Sep 13, 1992
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