Small appliances producer Helen of Troy agreed to acquire personal care appliances maker Kaz, Inc., for $260 million in cash. The acquisition is expected to close by Dec. 31, 2010.
Kaz markets vaporizers, humidifiers, dehumidifiers, digital and infrared thermometers, blood pressure monitors, air purifiers, heaters, fans, and lawn and garden products. Kaz markets to retailers under a variety of brand names, including:
• Vicks and Braun under license from The Procter & Gamble Company
• Honeywell under license from Honeywell
• Stinger, Softheat, and Kaz, brands that Kaz, Inc., owns..
Kaz sales for the next 12 months, ending Dec. 31, 2011, are expected to exceed $400 million.
Helen of Troy Chairman, CEO, and President Gerald J. Rubin said that Kaz CEO Julien Mininberg and his management team would join Helen of Troy. "Kaz's business and culture will continue to operate as it has in the past," Rubin said.
With Kaz, Rubin expects Helen of Troy to have combined annual net sales revenue in excess of $1.1 billion in fiscal 2012.
Helen of Troy Ltd. designs and produces brand-name personal care appliances and household consumer products. Personal care products include hair dryers and setters, curling irons, and women's shavers. Helen of Troy products are sold under licensed trademarks such as: Vidal Sassoon, Revlon, and Sunbeam.
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