Church & Dwight to Buy Orajel Maker
Tuesday April 1, 8:33 am ET
Church & Dwight Agrees to Buy Del Pharmaceuticals for $380 Million in Cash
PRINCETON, N.J. (AP) -- Church & Dwight Co., which makes Arm & Hammer products, said Tuesday it agreed to acquire Del Pharmaceuticals Inc. from Coty Inc. for $380 million in cash.
Del Pharmaceuticals makes Orajel, an oral analgesic, and other products.
The deal is expected to close in July.
Church & Dwight expects to save $10 million from the acquisition by 2009 and will finance the deal through available cash and existing lines of credit.
It will not help earnings in 2008, due to integration and inventory costs, but will help earnings by 2009.
Church & Dwight reiterated earnings guidance of $2.77 per share in 2008, while analysts polled by Thomson Financial predict a profit of $2.79 per share.
Source: Associated Press
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