Edgewell Personal Care divests blades business
Edgewell had announced that it would be selling the blades business back in May of this year, just before it was officially spun off from its sister company, Energizer.
The manufacturing and administrative operations are based in Verona, Virginia, and Obregon, Mexico, and will be included as part of the sale, which was completed earlier this week without the terms or price tag being revealed.
Divestment ensures personal care focus
The focus for Edgewell is firmly in the personal care arena and as this part of the business is in industrial blades, company executives made the logical decision to divest the business.
Edgewell acquired the blades business back in 2011 from American Safety Razor. However, the company will still be maintaining its footing in the wet shaving category as it will continue to carry the Personna razor brand in its portfolio.
Bob Senesac , director of marketing, AccuTec Blades said: "We are very happy to be able to continue to use the Personna, GEM by Personna and American Line brands, as these names are well-known in the Specialty, Medical and Professional industries. We look forward to continuing to promote these brands in the various markets we serve."
Spin-off charges effect first quarter
Last month the newly spun-off and renamed Edgewell Personal Care business released the first financial results, showing it was hard hit by the currency revaluation in Venezuela and the strength of the US dollar.
During the quarter, total sales fell by 7.3% to reach $1.05bn, a figure that was up by 0.2% on an organic basis, reflecting the negative impact of currency translations against a strong US dollar.
The fall in sales and costs associated with the spin-off also significantly impacted the net income for the period, with a $64.5m profit in the third quarter last year, coming in as a loss of $72.5m for the current period.
The company officially became known as Edgewell Personal Care on July 1st this year, which means that future results will now reflect earnings distinct from the Energizer business, which is now a standalone household products business, best known for the Energizer battery brand.