Playtex buys Hawaiian Tropic for about $83 million
CHICAGO, April 19
CHICAGO, April 19 (Reuters) - Playtex Products Inc. PYX.N, which makes Banana Boat sunscreen, said on Thursday that it has acquired the owner of the Hawaiian Tropic sun care line, Tiki Hut Holding Co. Inc., expanding its sun care lineup just ahead of the important U.S. summer selling season.
Playtex said the purchase price for the stock of Tiki Hut, and repayment of all outstanding debt at the closing, was $83 million, plus a seasonal working capital adjustment.
The company expects the acquisition to reduce 2007 earnings by 7 cents to 10 cents per share due to the seasonality of the business and the timing of the closing. However, the deal should add moderately to earnings over the first 12 months of ownership, Playtex said.
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