EL PASO, Texas, Sept. 29 /PRNewswire-FirstCall/ -- Helen of Troy Ltd.
(Nasdaq: HELE), designer, developer and worldwide marketer of brand-name
personal care products, today reported the closing of its previously announced
acquisition of the Brut brand name.
On September 2, 2003, Helen of Troy announced the signing of a definitive
agreement to acquire Brut for the United States, Canada, Mexico, Puerto Rico
and elsewhere in Latin America from Unilever. The transaction was finalized
today following the required regulatory approval. The acquisition includes
Brut Fragrances, Deodorants and Antiperspirants, and is expected to produce
approximately $40 million in sales over the next 12 months. There will be a
three month transition period during which operations will be transferred to
Helen of Troy. Earnings per share contribution for the Brut brand is expected
to be in the range of $.20 - $.24 for fiscal year 2005, beginning
March 1, 2004. Helen of Troy Limited has obtained a short term credit
facility of $50 million that will be partially utilized in conjunction with
cash on hand to finance this acquisition.
Gerald J. Rubin, Helen of Troy's Chairman, Chief Executive Officer and
President, commenting on the acquisition of this new brand stated, "We are
pleased to add the Brut name to our well known consumer brands of lotion and
liquid products sold through our Idelle Labs sales division. This will more
than double Idelle Labs' sales for the coming year."
Helen of Troy Limited is a leading designer, producer and marketer of
brand name personal care consumer products. The Company's products include
hair dryers, curling irons, hair setters, women's shavers, brushes, combs,
hair accessories, home hair clippers, mirrors, foot baths, body massagers,
paraffin baths, liquid hair styling products, body powder and skin care
products. The Company's products are sold by mass merchandisers, drug chains,
warehouse clubs and grocery stores under licensed trade marks including Vidal
Sassoon(R), licensed from The Procter & Gamble Company, Revlon(R), licensed
from Revlon Consumer Products Corporation, Dr. Scholl's(R), licensed from
Schering-Plough HealthCare Products, Inc., Sunbeam(R) licensed from American
Household, Inc., Sea Breeze(R), licensed from Shisheido Corporation, and
Vitapointe(R) licensed from Sara Lee Household and Body Care UK Limited.
Helen of Troy's owned trade names include Dazey(R), Caruso(R), Karina(R),
DCNL(TM), Nandi (TM), Isobel(TM), WaveRage(R), Vitalis(R), Final Net(R),
Ammens(R), and Condition 3-in-1(R). The Company also markets hair and beauty
care products under the Helen of Troy(R), Hot Tools(R), Hot Spa(R), Salon
Edition(R), Gallery Series(R), Wigo(R) and Ecstasy(R) trademarks to the
professional beauty salon industry.
This press release may contain certain forward-looking statements, which
are subject to change. These forward-looking statements include the Company's
expectation regarding overall sales increases and earnings per share increases
for the fiscal year ending February 28, 2004. A number of risks or
uncertainties could cause actual results to differ materially from historical
or anticipated results. Generally, the words "anticipates," "believes",
"expects" and other similar words identify forward-looking statements. The
Company cautions readers to not place undue reliance on forward-looking
statements. The actual results may differ materially from those described in
any forward-looking statements. The Company intends its forward-looking
statements to speak only as of the time of such statements, and does not
undertake to update or revise them as more information becomes available.
Additional information concerning potential factors that could affect the
company's financial results are included in the company's Form 10-K for the
year ended February 28, 2003 and the Form 10Q for the quarter ended
May 31, 2003.
SOURCE Helen of Troy Limited