10.30.09
Prestige Brands Holdings, Inc. has sold its three shampoo businesses to Ultimark Products. The transaction includes Prell Shampoo, Denorex Dandruff Shampoo and Zincon Dandruff Shampoo from the company's personal care segment. These brands collectively represent approximately 2-3% of annual company sales.
Terms of the agreement include an upfront payment of $8 million in cash, followed by a subsequent payment of $1 million on Oct. 28, 2010. The company will use the proceeds of the sale to pay down debt.
"The successful sale of these businesses allows us to increase focus on our two larger segments, over-the-counter healthcare and household cleaning products, to enhance shareholder value," said Matthew Mannelly, company president and chief executive officer
Prestige markets household cleaning and personal care products throughout the U.S., Canada and in certain international markets. Key brands include Cutex nail polish remover, and Comet and Spic and Span household cleaners. Ultimark has multiple product distribution channels throughout North America including electronic retailing, direct to consumer and major retailers.
Terms of the agreement include an upfront payment of $8 million in cash, followed by a subsequent payment of $1 million on Oct. 28, 2010. The company will use the proceeds of the sale to pay down debt.
"The successful sale of these businesses allows us to increase focus on our two larger segments, over-the-counter healthcare and household cleaning products, to enhance shareholder value," said Matthew Mannelly, company president and chief executive officer
Prestige markets household cleaning and personal care products throughout the U.S., Canada and in certain international markets. Key brands include Cutex nail polish remover, and Comet and Spic and Span household cleaners. Ultimark has multiple product distribution channels throughout North America including electronic retailing, direct to consumer and major retailers.