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Energizer To Separate Into Two Publicly Traded Companies|
ST. LOUIS, MO, (SLFP.com), May 4, 2014 - Energizer Holdings, Inc. has announced that its Board of Directors has authorized management to pursue a plan to separate the Company's Household Products and Personal Care divisions into two independent, publicly traded companies.
The separation is planned as a tax-free spin-off to the Company's shareholders and is expected to be completed in the second half of the 2015 fiscal year. The separation is expected to create two strong independent public companies with distinct brands, categories and corporate strategies:
Household Products, with batteries and portable lighting products, is expected to generate strong margins and significant cash flows, and will be anchored by the universally recognized Energizer® and Eveready® brands. The Household Products division reported annual revenue of approximately $1.9 billion in the trailing twelve month period ended March 31, 2014.
Personal Care is expected to be a leading pure-play consumer products company with an attractive stable of 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 Personal Care division had annual revenue of approximately $2.6 billion in the trailing twelve month period ended March 31, 2014, adjusted on a pro-forma basis for the feminine care acquisition.
"Over the last three years, we have taken a number of important steps to enhance shareholder value, including executing a multi-year cost reduction plan, improving working capital, and initiating a dividend," said Ward M. Klein, Chief Executive Officer.
"The Energizer Board of Directors and management team have continually explored opportunities to improve performance and increase long-term shareholder value and believe that separating the Household Products and Personal Care divisions is the next logical step to unlock even greater value for Energizer shareholders. Importantly, as we move through the separation process, the Company's working capital and cost reduction efforts will continue without interruption, and we expect to achieve the full savings projected," stated Klein.
"Since becoming an independent company in 2000, Energizer has built two successful divisions and each is now well-suited to realize its full potential on a standalone basis," Mr. Klein said. "We expect that Household Products will be well-positioned to leverage its leading brands and product portfolio to generate significant cash flows and the Personal Care business has achieved scale to be able to enhance its focus on continuing innovation and to drive top-line and market share growth."
Upon completion of the separation, Ward Klein, currently Chief Executive Officer, is expected to serve as Executive Chairman of the Board of standalone Personal Care. David Hatfield, currently President and Chief Executive Officer of Energizer Personal Care, is expected to serve as Chief Executive Officer of standalone Personal Care.
J. Patrick Mulcahy, currently Chairman of the Board, is expected to serve as Executive Chairman of the Board of standalone Household Products. Alan Hoskins, currently President and Chief Executive Officer of Energizer Household Products, is expected to serve as Chief Executive Officer of standalone Household Products.
Teamsters Ratify New Anheuser-Busch Contract
ST. LOUIS, MO, (SLFP.com), May 4, 2014 - By a large majority, Teamsters at Anheuser-Busch's breweries in the United States have voted to ratify a new five-year agreement covering more than 4,500 workers.
"This new contract with Anheuser-Busch ensures that Teamsters will continue to be the highest-compensated brewery workers in the United States," said Jim Hoffa, Teamsters General President.
The contract is worth more than $2 billion in wages and benefits and it will take effect immediately, providing wage increases retroactive to March 1, 2014.
"We listened to our members and negotiated the best contract possible with wage and bonus increases, maintenance of excellent benefits and job security," said David Laughton, Director of the Teamsters Brewery and Soft Drink Workers Conference.
A-B Teamsters currently earn more than $70 per hour in total compensation - wages, health, welfare and pension benefits. The new contract provides more than $24,000 in additional wages and bonuses for the average employee over the five-year contract term.
All 12 A-B breweries in the U.S. employ members of the Teamsters who brew and bottle the brands produced by the company. The brewery locations are: Los Angeles; St. Louis; Jacksonville, Fla.; Newark, N.J.; Houston; Fort Collins, Colo.; Williamsburg, Va.; Cartersville, Ga.; Merrimack, N.H.; Fairfield, Calif.; Columbus, Ohio; and Baldwinsville, N.Y.
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