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Playtex

This article was originally published in The Rose Sheet

Executive Summary

Banana Boat marketer has entered into agreement to sell its Woolite rug and upholstery cleaning business to Bissell for $62 mil. in cash as part of effort to focus on core businesses, company announces Sept. 27. Expected to close in the fourth quarter, transaction will generate after-tax proceeds "approximately equal to the purchase price as a result of applying certain tax loss carryforwards," company notes. Proceeds may be used to repay debt or invest in core businesses, Playtex adds. Firm expects divestiture will be neutral to company's earnings per share...
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