Playtex (PYX) Acquires Hawaiian Tropic Sun Care
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Playtex Products, Inc. (NYSE: PYX) acquired the stock of Tiki Hut Holding Company, Inc. of Ormond Beach Florida, the owner of Hawaiian Tropic sun care.
Once fully integrated, Playtex expects to derive annual synergies of approximately 10% of net sales or $11 million. When fully synergized in fiscal 2009, Playtex expects Hawaiian Tropic's operating income to approach the operating margin levels of the Company's existing skin care business of 24%.
Although, the Company expects the transaction to be moderately accretive to earnings over the first 12 months of ownership, due to the seasonality of the business and the timing of the closing, the acquisition will be dilutive by approximately $0.07 to $0.10 per share in 2007.
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