UPDATE 1-Crown Crafts unit acquires bib product from P&G
* Says acquires intellectual property and inventory
* Says acquisition to lift net sales by $3 mln annually
* Says acquisition will be swiftly accretive to earnings
May 27 (Reuters) - Crown Crafts Inc (CRWS.O), which distributes infant and toddler consumer products, said its unit acquired a disposable bib product from Procter & Gamble Co (PG.N).
The unit, Hamco Inc, which bought the Bibsters product including related intellectual property, also acquired the inventory associated with the product line, Crown Crafts said, without disclosing the financial details.
"We anticipate that the acquisition will result in an annual increase in our net sales of $3 million and will be swiftly accretive to our earnings," Chief Executive Randall Chestnut said in a statement.
Bibsters was introduced by Procter & Gamble in 2003 and is a disposable bib that provides coverage for infants and toddlers while feeding.
A bib is a garment worn hanging from the neck to protect clothing from food spills.
Shares of Crown Crafts closed at $4.02 Thursday on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Unnikrishnan Nair)
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