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Energizer wins in bid for American Safety Razor

Executive Summary

Subject to regulatory approval, Energizer will purchase American Safety Razor's assests for $301 mil. in cash and assume certain liabilities after being named winning bidder in bankruptcy court proceedings. ASR is the fourth-largest manufacturer and distributor of wet shave products in world, trailing Energizer's Schick Wilkinson Sword unit, which holds the No. 2 spot with its Hydro, Quattro, Intuition, Xtreme 3 and Protector brands. ASR's value-priced products are sold by mass merchandisers, drugstores and supermarkets throughout the world under such brand names as Magnum, X5, Matrix 3, Mystique and Personna. In Oct. 8 release, Energizer Holdings CEO Ward Klein says "addition of ASR's strength in the private-label wet shave business provides an important strategic fit and opportunity... enhance[ing] 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.
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