Helen of Troy to Acquire Kaz
December 9, 2010,
EL PASO, Texas--Helen of Troy will purchase Kaz in a $260 million transaction that will take the personal-care giant into the health care-products and home-environment markets.
The transaction is scheduled to close on Dec. 31, subject to the closing of financing for the acquisition and customary closing conditions such as regulatory approvals, according to a Helen of Troy statement. As part of the deal, Julien Mininberg, Kaz's chief executive officer, and his management team will join Helen of Troy, and Gerald Rubin, chairman, president and CEO of Helen of Troy, said, "Kaz's business and culture will continue to operate as it has in the past." Rubin said the addition of Kaz will bring Helen of Troy's annual net sales to more than $1.1 billion.