Missouri-based household and personal care firm Energizer has announced the purchase of American Safety Razor (ASR) and views the acquisition as a good opportunity to extend its personal care business.
Energizer, whose parent company is Schick Wilkinson Sword (SWS), revealed it was the winning bidder of the wet shave product manufacturer in bankruptcy court proceedings.
The agreement with ASR allows Energizer to purchase substantially all of its assets for $301m in cash and the assumption of certain liabilities.
The acquisition is subject to regulatory approval.
"This is an exciting time for Energizer Holdings, Inc. and Energizer Personal Care," said Ward Klein, CEO of Energizer.
"The addition of ASR's strength in the private label wet shave business provides an important strategic fit and opportunity for the Energizer Personal Care business. As it relates to ASR's wet shave private label business, our plan is to maintain and even strengthen our commitment to this segment.”
Energizer hope the two brands will complement on another
ASR has over 135 years of experience in the wet shave market and its products are sold throughout the world to mass merchandisers, drug stores and supermarkets.
SWS is one of the leading manufacturers and marketers of men’s and women’s products around the world, with its portfolio of products, including the Hydro and Quattro brands, sold in over 140 countries.
“The addition of ASR to our SWS business broadens our product portfolio, enhances our ability to deliver total category solutions to our retail customers, and provides us with greater scale to effectively compete in an increasingly competitive marketplace. We are excited to go to market with these two complementary businesses,” Klein explained.
Wet shaves and razors category seen as growth market
Last year Energizer reported its personal care business growth particularly driven by its wet shave category.
There has been mirrored growth in the wet shaves and razor categories as well as the male grooming category, with companies such as P&G announcing its innovations earlier this year.
In February, CosmeticsDesign.com USA told how the beauty product firm announced its latest developments in the blades and razors category, with innovations across the Gillette and Venus brands aim to improve the shaving experience, and the introduction of new razors and shaving gels.
In addition, P&G announced 2010 will see the introduction of Gillette Fusion ProSeries designed specifically to enhance comfort and the overall male shaving experience.