Armkel update
This article was originally published in The Rose Sheet
Executive Summary
Nair depilatory and Arrid antiperspirant manufacturing move to Church & Dwight's Lakewood, N.J. facility from Carter-Wallace's Cranbury, N.J. location will be completed by second quarter, C&D Chief Financial Officer and Director of Armkel Integration Zvi Eiref says. C&D acquired Nair from Carter-Wallace in a 50/50 joint venture with Kelso in May and purchased C-W antiperspirant business in a second transaction (1"The Rose Sheet" May 14, 2001, p. 9). Move will result in 600 job cuts and severance costs of $15 mil., firm adds during April 4 analyst call. Financials for the JV from Sept. 28, when the acquisition was completed, through Dec. 31 were in line with preliminary reports issued in February, with revenues of $95.4 mil., and a net loss of $15.6 mil. (2"The Rose Sheet" Feb. 18, 2002, p. 9)...
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