Consumer products company Playtex Products Inc. announced on April 19 that it has bought Tiki Hut Holding Company Inc., the owner of Hawaiian Tropic sun care, for $83 million.
Playtex said the purchase price included repayment of all outstanding debt. The company said it will use its revolving credit agreement to pay for the acquisition. Playtex said it upped the size of the facility to $150 million from $100 million for the deal.
The deal will shave between 7 cents and 10 cents per share from Playtex earnings in 2007, accoriding to the company.