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Avon to Buy Discovery Toys

January 23, 1997|Times Staff and Wire Reports

Avon Products Inc. said it agreed to buy educational toy maker Discovery Toys Inc. for undisclosed terms, its first move to expand beyond beauty-products-related businesses. Avon said it plans to pay an initial amount followed by payments in future years. The acquisition of Livermore-based Discovery, which has annual sales of about $80 million, isn't a "significant financial transaction," the company said. New York-based Avon said the purchase of the company, which makes educational toys, games, books and software, reflects its interest in moving into new-product and consumer segments in the direct-selling industry. The company said it plans to step up Discovery's growth in the U.S. and in international markets.

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