02.06.15
There's more energy in a company divided. That's the conclusion of executives at Energizer Holdings, Inc. which announced the initial filing of a Form 10 Registration Statement with the US Securities and Exchange Commission (SEC) in connection with the company's previously announced plan to separate its Household Products and Personal Care businesses. The separation is planned as a tax-free spin-off to the company's shareholders and is targeted to be completed by July 1, 2015.
"The filing of the Form 10 Registration Statement is one important milestone in executing our plan to separate the household products and personal care businesses into two stand-alone companies, and we believe we're on track to complete the spin by July 1," said Ward Klein, Energizer's chief executive officer. "This separation will allow each business to pursue its own strategic focus and priorities—with household products carrying forward Energizer's legacy of iconic brands, global distribution and meaningful cash flows and personal care driving top-line and market share growth through an attractive portfolio of brands and a track record of innovation. We look forward to completing the separation to unlock the full value of each business for shareholders."
As previously announced on April 30, 2014, the company is pursuing a plan to separate the household products and personal care businesses and create two independent, publicly traded companies. The household products business, with batteries and portable lighting products, will be anchored by the universally recognized Energizer and Eveready brands. The personal care business will be a pure-play consumer products company with well-established brand names, including Schick and Wilkinson Sword in Wet Shave; Edge and Skintimate in shave preparation; Playtex, Stayfree, Carefree and o.b. in feminine care; and Banana Boat and Hawaiian Tropic in sun care.
The company retained Goldman, Sachs & Co. as financial adviser and Wachtell, Lipton, Rosen & Katz and Bryan Cave LLP as legal counsel to advise on the separation process.
"The filing of the Form 10 Registration Statement is one important milestone in executing our plan to separate the household products and personal care businesses into two stand-alone companies, and we believe we're on track to complete the spin by July 1," said Ward Klein, Energizer's chief executive officer. "This separation will allow each business to pursue its own strategic focus and priorities—with household products carrying forward Energizer's legacy of iconic brands, global distribution and meaningful cash flows and personal care driving top-line and market share growth through an attractive portfolio of brands and a track record of innovation. We look forward to completing the separation to unlock the full value of each business for shareholders."
As previously announced on April 30, 2014, the company is pursuing a plan to separate the household products and personal care businesses and create two independent, publicly traded companies. The household products business, with batteries and portable lighting products, will be anchored by the universally recognized Energizer and Eveready brands. The personal care business will be a pure-play consumer products company with well-established brand names, including Schick and Wilkinson Sword in Wet Shave; Edge and Skintimate in shave preparation; Playtex, Stayfree, Carefree and o.b. in feminine care; and Banana Boat and Hawaiian Tropic in sun care.
The company retained Goldman, Sachs & Co. as financial adviser and Wachtell, Lipton, Rosen & Katz and Bryan Cave LLP as legal counsel to advise on the separation process.