Playtex buys Hawaiian Tropic
This article was originally published in The Tan Sheet
Executive Summary
Playtex Products has acquired the stock of Tiki Hut Holding Company, the owners of Hawaiian Tropic sun care, for $83 mil. in a deal augmenting Playtex's skin care segment to more than $340 mil. in annual sales, the firm states in an April 19 release. In 2006, net sales of Hawaiian Tropic products in the tanning, sun protection, baby and kids, sunless tanning, after-sun, burn relief and lip protection segments exceeded $110 mil., Playtex says. Hawaiian Tropic was the largest privately held sun care manufacturer in the world. The firm expects to achieve synergies of $11 mil. from the acquisition. The business will be fully integrated by Playtex's fiscal 2009, and by that time it will expect Hawaiian Tropic's operating income to meet operating margin levels of 24%...