Duracell to Acquire Garrity Industries
Proctor & Gamble Press Release
FlashlightNews.org - 03/23/2006
BETHEL, Conn, — Duracell, part of The Procter & Gamble Company (PG), today announced that it is acquiring Garrity Industries, a private U.S.-based manufacturer and marketer of lighting products. The terms of the deal were not disclosed.
Known for its innovation, product quality and design, Garrity Industries offers some of the most technically advanced flashlights on the market and has strong retail distribution for its products. Garrity is a leading flashlight brand in North America.
"Through this acquisition, we see a tremendous opportunity to expand upon our successful battery portfolio and strengthen our position in a growing category that is closely related to our core business, providing new opportunities for growth" said Mark Leckie, President, Duracell and Braun, The Procter & Gamble Company. "With a proven ability to design and market high quality lighting products, Garrity will be a strong addition to our business."
The Garrity product portfolio includes a broad range of flashlights. It was founded in 1967 by Chairman and CEO Paul Garrity. As a leader in the lighting category, Garrity will bring innovative products, an experienced management team and strong distribution to the Duracell business.
"This partnership creates tremendous potential for both businesses," said Kevin Garrity, President of Garrity Industries. "By combining two leading companies in industries that are integral to one another, we'll be laying the groundwork for even greater success in the future."
Duracell is the world's leading manufacturer and marketer of alkaline batteries. Its brands hold the number one position in North America, China, Europe, Latin America, Africa and the Middle East.
Robert W. Baird & Co. served as financial advisor to Garrity Industries and Holland & Knight served as transaction counsel.
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