Shelton-based Edgewell Personal Care Co. has sold its feminine care business to Swedish hygiene products company Essity AB for $340 million, advancing a broader restructuring aimed at streamlining operations and sharpening its strategic focus. The publicly traded company said Tuesday it will use net proceeds from the sale to strengthen its balance sheet, pay down […]
Shelton-based Edgewell Personal Care Co. has sold its feminine care business to Swedish hygiene products company Essity AB for $340 million, advancing a broader restructuring aimed at streamlining operations and sharpening its strategic focus.
The publicly traded company said Tuesday it will use net proceeds from the sale to strengthen its balance sheet, pay down borrowings on its U.S. revolving credit facility and continue investing in long-term growth across its core product lines.
“By simplifying our portfolio and focusing our resources on shave, sun and skin care, and grooming, we are positioning Edgewell to be a more focused, agile and durable personal care company,” Edgewell President and CEO Rod Little said.
Edgewell said it will work with Essity to ensure a smooth transition for employees and customers. The companies have entered into a transition services agreement under which Edgewell will provide support in areas including accounting, IT, quality assurance, operations, supply chain and sales for at least one year following the deal’s close.
The divestiture follows
Edgewell’s November announcement that it had reached a sale agreement with Essity and planned to close its Schick manufacturing plant in Milford, a move expected to eliminate 293 jobs over the next two years.
