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Energizer Purchases Playtex Products

July 17, 2007

Transaction value about $1.9 billion.

Leading consumer products companies, Energizer Holdings, Inc., will acquire hygiene company Playtex Products for $18.30 per share in cash plus the assumption of Playtex debt. Total enterprise value of the transaction is approximately $1.9 billion. "We believe this is a great development for Playtex shareholders and employees," stated Neil DeFeo, Chairman and Chief Executive Officer of Playtex. "It represents a significant premium over our current trading price, and an opportunity for our shareholders to capture the value that has been created at Playtex over the last several years. For our employees, it means becoming a part of a much larger consumer products business with the scale and resources to thrive in an increasingly competitive environment."

Playtex's sales for its most recently reported 12 months through March 2007 totaled $641 million, and earnings before interest, taxes, depreciation and amortization were $126 million. Actual GAAP earnings for that period were $34 million. These numbers do not include Playtex's recent acquisition of Hawaiian Tropic, which had 2006 sales of approximately $112 million. Over 93% of the company's sales, including Hawaiian Tropic are in North America.
Feminine care products accounted for 35% of net sales and include Playtex plastic tampons—Gentle Glide and Sport, the #2 selling tampon brand in the U.S. and Playtex Personal Cleansing Cloths.

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