"At Edgewell, we are passionate about bringing compelling innovation to consumers and delivering category solutions for our customers, and we remain dedicated to creating value for all of our stakeholders," explained Hatfield.
Still, the company can do better, which is why Edgewell is launching Project Fuel, an enterprise-wide initiative to transform its business and cost structure. The company expects to achieve $225 million in annual gross savings by the end of fiscal 2021 to fund growth, transformation and margin expansion. Reinvestment priorities include repositioning and growing wet shave, accelerating sun and skin care growth, international expansion, and driving e-commerce and digital across the portfolio.
"(After) a comprehensive review of our business segments and our overall strategy, and considered a broad range of opportunities to enhance shareholder value. Through this review, we determined that Project Fuel is the best path forward for the company," said Hatfield. "We have a strong foundation built on a portfolio of competitive and profitable brands, and through Project Fuel, we will have the capabilities and resources needed to execute on our strategy and achieve our objectives."