09.26.02
Helen of Troy Ltd. has signed a definitive agreement to acquire six well-known personal-care brand names from Procter & Gamble Co. for an undisclosed cash sum. Brands acquired directly include Condition 3-in-1, Final Net, Vitalis and Ammens. Sea Breeze and Vitapointe will be acquired through license agreements, subject to third-party approval.
Helen of Troy, which makes personal care products, on Thursday said the deal will immediately boost sales and add to earnings per share in the next fiscal year, which begins in March. The company expects that combined sales of these brands will be about $45 million annually.
For the year ended Feb. 28, the El Paso, TX-based company reported net income of $29.2 million, or $1 a share, on sales of $451.3 million. Helen of Troy said it will create a new unit specifically to market the acquired products, which are distributed primarily to the mass, drug, grocery and professional beauty markets.
The lines will allow Helen of Troy, which sells hair dryers and brushes and body massagers, to compete in new product categories such as liquid hairstyling and hair care, body powders, and face and skin care. The company said it will use its current cash position to pay for the acquisition of the brands from P&G. The transaction is slated to close within 90 days.
Helen of Troy, which makes personal care products, on Thursday said the deal will immediately boost sales and add to earnings per share in the next fiscal year, which begins in March. The company expects that combined sales of these brands will be about $45 million annually.
For the year ended Feb. 28, the El Paso, TX-based company reported net income of $29.2 million, or $1 a share, on sales of $451.3 million. Helen of Troy said it will create a new unit specifically to market the acquired products, which are distributed primarily to the mass, drug, grocery and professional beauty markets.
The lines will allow Helen of Troy, which sells hair dryers and brushes and body massagers, to compete in new product categories such as liquid hairstyling and hair care, body powders, and face and skin care. The company said it will use its current cash position to pay for the acquisition of the brands from P&G. The transaction is slated to close within 90 days.