Breaking News

Playtex Announces Business Realignment and Other Charges, and Date for Fourth Quarter Earnings Release

February 9, 2005

Playtex Products will realign its business to improve focus on its core categories, reduce organizational complexity and obtain a more competitive cost structure. Once fully implemented, these initiatives are expected to enable the company to be more consumer focused and better able to implement its growth strategies in a timely manner. Charges related to the realignment are expected to total between $17 and $19 million by the end of 2005, of which approximately $11 million will be recorded in the fourth quarter of 2004. The company expects savings associated with the realignment to be between $12 and $14 million in 2005, with fully annualized savings of $22-$24 million in 2006.

Among the highlights of the plan are consolidation of the U.S./International divisional structure in favor of a product category structure; realignment of the sales and marketing organizations and related support functions and rationalization of manufacturing, warehousing and office facilities including the outsourcing of gloves production to Malaysia and a reduction in the size of corporate headquarters.

These efforts will result in a reduction of more than 300 positions by the end of 2005, or approximately 20% of the workforce. The reduction will be obtained through a combination of attrition, early retirement and layoffs. Severance, outplacement services and other related benefits will be available to eligible associates.

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