SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 13, 1999
PLAYTEX PRODUCTS, INC.
(Exact name of registrant as specified in charter)
Delaware 33-25485-01 51-0312772
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
300 Nyala Farms Road, Westport, CT 06880
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 341-4000
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On May 13, 1999, the registrant issued a press release regarding the
acquisition from Colgate-Palmolive Company of the Baby Magic(R) brand of infant-
related bath, lotion, shampoo, oil and powder products for the U.S., Canada and
Puerto Rico.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit Description
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99 Press release of Playtex Products, Inc. dated May 13, 1999
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 24, 1999
PLAYTEX PRODUCTS, INC.
By: /s/ Michael F. Goss
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Michael F. Goss
Executive Vice President & Chief Financial Officer
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4
Exhibit Description
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99 Press release of Playtex Products, Inc. dated May 13, 1999
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Exhibit 99
FOR IMMEDIATE RELEASE PRESS RELEASE
FOR MORE INFORMATION, CONTACT:
Julie K. Gottlieb
Director of Investor Relations & Communications
(203) 341-4262
PLAYTEX PRODUCTS TO ACQUIRE BABY MAGIC(R)
Expands Market-leading Presence in Infant Care
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WESTPORT, CT (MAY 13, 1999) - PLAYTEX PRODUCTS, INC. (NYSE:PYX), a leading
diversified consumer and personal products company, announced today that it had
reached a definitive agreement to acquire the Baby Magic(R) brand of
infant-related bath, lotion, shampoo, oil and powder products in the U.S.,
Canada, and Puerto Rico from Colgate-Palmolive Company (NYSE:CL) for $90 million
in cash. Colgate will retain the rights to the brand for all geographic regions
outside of the U.S., Canada, and Puerto Rico.
BABY MAGIC is the second-largest selling brand in the U.S. infant toiletries
market with a 15% dollar share. In 1998, the BABY MAGIC brand generated net
sales of $48.9 million in the region.
"The acquisition of BABY MAGIC adds another valuable franchise to our family of
leading infant care brands and enables us to provide consumers with an even
greater selection of high-quality infant care products," said Michael R.
Gallagher, Chief Executive Officer of Playtex Products. "Including the recent
addition of Diaper Genie, this marks Playtex's fourth acquisition in the infant
care arena since January, 1998. As with our past acquisitions, we intend to grow
the BABY MAGIC business by aggressively cross marketing our brands to expectant
and new mothers and by leveraging our category management capabilities and
strong relationships with infant care retailers."
Playtex intends to finance the acquisition with an increase in its existing
Senior Secured Credit Agreement. The transaction, which is not subject to
shareholder approval, is expected to close in mid-June following regulatory
approval. Playtex expects the acquisition to have little impact on earnings in
1999 and then be accretive to earnings in 2000 and thereafter.
Playtex Products, Inc. is a leading manufacturer and distributor of a
diversified portfolio of consumer and personal products. INFANT CARE is the
largest business segment and market leader with PLAYTEX infant feeding products,
BINKY pacifiers, CHUBS baby wipes, WET ONES, DIAPER GENIE and MR. BUBBLE.
FEMININE CARE offers a wide range of PLAYTEX tampons and leads the plastic
applicator segment. SUN CARE includes the #2-selling BANANA BOAT and BIOSUN.
HOUSEHOLD PRODUCTS includes WOOLITE rug and upholstery cleaning products and
PLAYTEX GLOVES, the leader in the household latex glove market. PERSONAL
GROOMING includes market leaders BINACA and OGILVIE.
WITH THE EXCEPTION OF THE HISTORICAL INFORMATION CONTAINED IN THE RELEASE, THE
MATTERS DESCRIBED HEREIN CONTAIN FORWARD- LOOKING STATEMENTS THAT ARE MADE
PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS INVOLVE A NUMBER OF RISKS,
UNCERTAINTIES OR OTHER FACTORS BEYOND THE COMPANY'S CONTROL, WHICH MAY CAUSE
MATERIAL DIFFERENCES IN ACTUAL RESULTS, PERFORMANCE OR OTHER EXPECTATIONS. THESE
FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THE ABILITY TO COMPLETE AND INTEGRATE
THE ACQUISITION, COMPETITIVE MARKET PRESSURES IN THE BABY TOILETRIES MARKET,
DEPENDENCE ON KEY BABY MAGIC CUSTOMERS AND OTHER FACTORS DETAILED IN THE
COMPANY'S REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH
SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY ASSUMES NO OBLIGATION TO UPDATE
SUCH INFORMATION.
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