Energizer to expand portfolio with $1.16 billion Playtex deal

ST. LOUIS -- The Energizer Bunny is taking on skin care products, wet wipes and sippy cups. Energizer Holdings Inc., known for its infinitely running bunny, will buy Playtex Products Inc. for $1.16 billion as the company expands its portfolio of personal care products.

Investors liked the news: Playtex shares soared 15.8 percent, or $2.45, to $17.97 in afternoon trading. Energizer shares rose almost 1 percent, or 94 cents, to $107.67.

St. Louis-based Energizer is offering $18.30 per share for Playtex Products Inc., the companies said in announcing the deal late Thursday. The price represents an 18 percent premium over Playtex's closing stock price Thursday.

Westport, Conn.-based Playtex may be best known for the feminine care products that make up 35 percent of its net sales, but it acquired Hawaiian Tropic in the spring, boosting an already substantial skin care division. Playtex owns Banana Boat sun screen, and skin care products made up 37 percent of net sales before the recent acquisition.

Energizer's purchase of Playtex does not include Playtex Apparel Inc., a separate company that makes bras and other apparel.

The deal is expected to close by the end of the year.