BRIDGEPORT, Conn. — Rayovac Corp., a maker of batteries and lighting products, plans to buy Remington Products Co., a designer and distributor of battery-powered shavers and grooming products.
Remington introduced the world's first electric shaver in 1937 and its brand dates to 1816, making it one of the oldest consumer brands. The Bridgeport-based company has been owned by the Kiam family and Vestar Capital Partners since 1996.
Rayovac, based in Madison, Wis., said it will pay $165 million in cash and will assume $157 million in Remington debt.
The deal makes Rayovac the third company to combine battery and shaving businesses. St. Louis-based Energizer Holdings Inc. acquired Schick from Pfizer Inc. for $930 million this year. They compete with Gillette's Duracell.
Remington brings a strong record of growth to Rayovac and its products diversify the company's offerings, said David Jones, Rayovac chairman and CEO.
Remington's core North American shaving and grooming products business has grown an average of 18 percent per year from 1998 through 2002, the company said.
With close to $1 billion in sales, Rayovac has more than doubled its revenues over the last six years and has evolved into a global organization, the company said.
Rayovac's products include battery and lighting devices, including a rechargeable brand of battery and hearing aid batteries.