Rayovac has entered into an agreement to purchase the Remington Products Company for approximately $322 million, including the assumption of debt.
Remington Products, which has its headquarters in Bridgeport, CT, designs and distributes battery-powered electric shavers and accessories, grooming products, hair care appliances and other small electrical consumer appliances.
For the last twelve months ending June 30, 2003, Remington reported sales of $360.3 million, net income of $20.2 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately $47.0 million.
Rayovac estimates the acquisition will be accretive in fiscal 2004. Rayovac anticipates financing a substantial portion of the transaction with subordinated debt, and the company has secured bridge financing in the event it is necessary.
The transaction is subject to regulatory approval.