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EDGEWELL PERSONAL CARE CO
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Energizer to cut more than 10 percent of workforce

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11/09/2012 | 12:22am CEST

(Reuters) - Energizer Holdings Inc (>> Energizer Holdings, Inc.) said on Thursday that it would cut more than 10 percent of its workforce, or about 1,500 people, as it tries to rev up results in its battery business.

(Reuters) - Energizer Holdings Inc (>> Energizer Holdings, Inc.) said on Thursday that it would cut more than 10 percent of its workforce, or about 1,500 people, as it tries to rev up results in its battery business.

Energizer has been reviewing everything from procurement to manufacturing and selling, general and administrative costs. This year it faced pressures including losing shelf space for batteries at Walmart and stepped up competition with is Schick and Wilkinson Sword razors from larger rival Procter & Gamble Co's (>> The Procter & Gamble Company) Gillette razors.

The company said it wants to streamline its lineup of household products to allow it to focus on the core battery business.

Plans include closing or streamlining battery factories and packaging facilities in the United States, Malaysia and Canada and streamlining lights manufacturing in China.

Energizer expects pre-tax cost savings of about $200 million from the restructuring, and said the majority of its restructuring charges should be recorded within the next 12 to 18 months.

St. Louis-based Energizer is best known for its namesake batteries. Its other products include Eveready batteries, Playtex tampons, and Banana Boat and Hawaiian Tropic sunscreen.

The restructuring, which had been in the works for months, comes after other household products makers such as P&G, Colgate-Palmolive Co (>> Colgate-Palmolive Company) and Kimberly-Clark Corp (>> Kimberly Clark Corp) announced plans to trim their ranks.

Energizer also said its profit rose to $117 million, or $1.84 per share, in the fiscal fourth quarter ended on September 30, from $45.8 million, or 67 cents per share, a year earlier.

Sales of household products fell due in part to hurricane-driven sales a year earlier, the loss of shelf space at Walmart and continued weakness in the battery category.

Household product sales fell 6.8 percent on a net basis, and 3.7 percent on an organic basis, which typically excludes acquisitions, divestitures and foreign exchange.

(Reporting by Jessica Wohl in Chicago; editing by Andrew Hay)

Stocks mentioned in the article
ChangeLast1st jan.
COLGATE-PALMOLIVE COMPANY -3.22% 67.52 Delayed Quote.-7.53%
KIMBERLY-CLARK -3.20% 100.03 Delayed Quote.-14.35%
PROCTER & GAMBLE COMPANY -1.53% 73.8 Delayed Quote.-19.68%
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Financials ($)
Sales 2018 2 286 M
EBIT 2018 343 M
Net income 2018 196 M
Debt 2018 999 M
Yield 2018 -
P/E ratio 2018 12,23
P/E ratio 2019 11,11
EV / Sales 2018 1,54x
EV / Sales 2019 1,52x
Capitalization 2 512 M
Chart EDGEWELL PERSONAL CARE CO
Duration : Period :
Edgewell Personal Care Co Technical Analysis Chart | US29266R1086 | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus HOLD
Number of Analysts 13
Average target price 54,8 $
Spread / Average Target 24%
EPS Revisions
Managers
NameTitle
David Paul Hatfield Chairman, President & Chief Executive Officer
Colin Hutchison Chief Operating Officer
Rod R. Little Chief Financial Officer
Anthony J. Bender Chief Information Officer & VP-Global Business
David S. Vernooy VP-Global Operations, Research & Development
Sector and Competitors
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EDGEWELL PERSONAL CARE CO2 512
PROCTER & GAMBLE COMPANY-14.89%197 142
UNILEVER (NL)-3.43%166 664
UNILEVER-6.41%166 664
COLGATE-PALMOLIVE COMPANY-4.47%62 957
RECKITT BENCKISER-16.38%58 398