Under the terms of the offer, Jarden will pay approximately $500 million in cash, less any indebtedness assumed by Jarden.
Headquartered in Paris, France, Mapa Spontex is a global manufacturer and distributor of baby care and home care products with leading market positions in Europe, Brazil and Argentina in the core categories it serves.
Its baby care portfolio includes teats, soothers, feeding bottles and other infant and health care accessories while home care products include sponges, rubber gloves, wipes and related cleaning products for retail, professional and industrial sold primarily under the Mapa and Spontex brands.
“We believe Mapa Spontex will be an excellent strategic addition to our Jarden Branded Consumables segment,” commented Martin E. Franklin, chairman and chief executive officer of Jarden Corporation. “By entering the baby care and home care markets, we believe we will achieve two major strategic objectives. First, the transaction is expected to expand our product offerings and distribution channels into new, attractive categories, and second, we anticipate it will further diversify our revenue streams and increase our international presence.”
For the year ended December 31, 2008, sales for Mapa Spontex were approximately $800 million with adjusted EBITDA of approximately $80 million. On closing of the transaction, the Mapa Spontex business will be reported within Jarden’s Branded Consumables segment.
The transaction is expected to close early in the second quarter of 2010.
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