Energizer wins in bid for American Safety Razor
This article was originally published in The Rose Sheet
Executive Summary
Subject to regulatory approval, Energizer will purchase American Safety Razor's assests for $301 mil. in cash and assume certain liabilities after being named winning bidder in bankruptcy court proceedings. ASR is the fourth-largest manufacturer and distributor of wet shave products in world, trailing Energizer's Schick Wilkinson Sword unit, which holds the No. 2 spot with its Hydro, Quattro, Intuition, Xtreme 3 and Protector brands. ASR's value-priced products are sold by mass merchandisers, drugstores and supermarkets throughout the world under such brand names as Magnum, X5, Matrix 3, Mystique and Personna. In Oct. 8 release, Energizer Holdings CEO Ward Klein says "addition of ASR's strength in the private-label wet shave business provides an important strategic fit and opportunity... enhance[ing] our ability to deliver total category solutions to our retail customers, and provides us with greater scale to effectively compete in an increasingly competitive marketplace.