Tupperware

(TUP) - Get Report

signed an agreement to buy

Sara Lee's

( SLE) direct selling business, which markets beauty and personal care products mainly in Latin America and Asia, for $557 million.

Sara Lee's direct selling operation sells color cosmetics, skin care products, fragrances and toiletries. Other products include nutriceuticals and apparel.

For the fiscal year ended July 2, the business had revenue of around $470 million, with Latin America and Asia representing roughly 90% of its sales.

Tupperware said the acquisition will increase beauty and personal care products to about 35% of the company's total sales, compared with 12% previously. The acquired businesses aren't operating in North America. The company expects the acquisition to immediately add to its pro forma earnings per share by about 20%.

The Orlando, Fla., food container maker should close the deal in the fourth quarter.

"We see substantial growth opportunities for the direct selling channel in Latin America and Asia Pacific, and strongly feel that beauty and personal care products will be the major driver of that growth," Rick Goings, chairman and CEO of Tupperware, said in a press release.