Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Rayovac to Acquire Remington Products Company
Aug 22, 2003
 Printable format
 Email this Article
 Search

Rayovac Corp. and Remington Products Company, LLC (Bridgeport, CT, U.S.) announced that Rayovac Corp. has entered into an agreement to purchase Remington Products Company, a maker of personal care products, for approximately U.S. $322 million, including the assumption of debt. The all-cash transaction is expected to close within the next 60 days.

Remington, owned by the Kiam family and Vestar Capital Partners since 1996, designs and distributes battery-powered electric shavers and accessories, grooming products, hair care appliances, and other small electrical consumer appliances. For the last 12 months ending June 30, 2003, the company reported sales of $360.3 million, net income of $20.2 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $47.0 million.

"Remington is a well-known and respected brand with a sound reputation for quality and performance," said David Jones, Rayovac chairman and CEO. "Remington brings to Rayovac a strong record of solid growth and a line of shaving, grooming and personal care products that will provide exciting diversification to our current product offerings.

"Rayovac and Remington share a similar customer base, our products are sold through many of the same distribution channels and we're both firmly committed to technology and product innovation," Mr. Jones added.

Rayovac estimates the acquisition will be accretive in fiscal 2004. The transaction is subject to regulatory approval. Rayovac anticipates financing a substantial portion of the transaction with subordinated debt, and the company has secured bridge financing in the event it is necessary.

The former Remington CEO and pitchman's son, Tory Kiam, explained that his family had a rewarding 24-year association with the company and is pleased with the decision to transfer ownership to Rayovac. "Remington's management team, board, and Vestar displayed tremendous professionalism and leadership over the past seven years," Mr. Kiam said. "My father would have been very proud of the successes this company has achieved and the bright future it has secured with today's announcement."

Citigroup Global Markets Inc., acted as advisor to Rayovac on the Remington transaction. Bear, Stearns & Co. Inc. was the financial advisor to Remington.

Back to Daily News

 

Daily News

...........................................................

Jul 25, 2014: Whirlpool Refrigerator is First Commercial Application of Polyurethane Insulation Using HFO Blowing Agent

Jul 24, 2014: Remodeling Spending to Be Slower, But Still Strong, in Early 2015

Jul 23, 2014: Whirlpool North America Reports Record Operating Profits

Jul 23, 2014: Japan Destroyed 3.6 Million KG Fluorocarbons from Commercial Refrigerators and AC

Jul 22, 2014: Lennox International Reports Record Profit in Second Quarter

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows