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Prestige Brands sells three shampoo businesses to Ultimark Pro

Posted on: Fri, 30 Oct 2009 13:04:00 EDT

Symbols: PBH

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Oct 30, 2009 (Datamonitor via COMTEX) --
PBH | Quote | Chart | News | PowerRating -- Prestige Brands Holdings, a marketer and distributor of over-the-counter healthcare, personal care and household cleaning products, has sold its three shampoo businesses to Ultimark Products.

The transaction includes Prell Shampoo, Denorex Dandruff Shampoo, and Zincon Dandruff Shampoo from the company's personal care segment.

Terms of the agreement include an upfront payment of $8 million in cash, followed by a subsequent payment of $1 million on October 28, 2010. The company will use the proceeds of the sale to pay down debt.

Matthew Mannelly, president and CEO, said: "The successful sale of these businesses allows us to increase focus on our two larger segments, over-the-counter healthcare and household cleaning products, to enhance shareholder value."

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