The Middletown Press (Middletown, CT)
Edgewell Personal Care to sell baby and pet care businesses
Schick parent company Edgewell Personal Care is looking to divest a couple of its subsidiaries.
The Missouribased company, which also has headquarters in Shelton, announced Monday that it plans to sell its diaper disposal and cat litter disposal businesses to Le Holding Angelcare Inc. out of Montreal, Canada for $122.5 million.
“We are taking decisive actions to reshape our company and focus on our core
Personal Care brands, while realizing cost savings, paying down debt, driving growth, and delivering superior returns for investors,” said Rod Little, Edgewell President and CEO, in a news release.
Under the terms of the agreement, the Angelcare group will acquire the rights and assets of Diaper Genie, the diaper disposal system, and Litter Genie, the cat litter disposal system. The Canadabased company will have the exclusive rights to the Playtex brand in the infant and pet sectors.
Angelcare has maintained a longstanding partnership with Edgewell Personal Care Company as the licenser of patented technology under its Diaper Genie and Litter Genie brands since 2005 and 2011, respectively.
The transaction is expected to close by the end of the 2019 calendar year. Edgewell is slated to use the net proceeds from the sale to reduce the company’s debt.
The company operates in more than 50 markets globally and employs roughly 6,000 people.
Angelcare specializes in making pet care and baby monitoring products, which are distributed across 60 countries.
“We have worked collaboratively with the Edgewell Infant and Pet Care team for years, which makes us confident this business is highly complementary and will be integrated seamlessly. We look forward to growing our company and continuing to deliver peace of mind to parents,” said Angelcare Chairman Maurice Pinsonnault in news release.