-- Remington's Bridgeport Facility to Be Phased Out Over Next Several Months
MADISON, Wis., Jan. 13 /PRNewswire-FirstCall/ -- Rayovac Corporation
(NYSE: ROV) today announced significant operational changes to integrate
Remington Products, which it acquired in September 2003.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020716/ROVLOGO )
Remington's current headquarters and shaver screen manufacturing complex
in Bridgeport, CT will be consolidated with Rayovac operations in Wisconsin
between March and November. The Remington office operations will be relocated
to Rayovac's Madison, WI headquarters complex. The manufacturing functions
will be moved to Rayovac's Portage, WI plant beginning this fall with the
plant closing by calendar year-end.
As a result of these actions, approximately 96 hourly manufacturing and
121 administrative employees will be laid off. Rayovac will provide severance
packages to all employees not offered continuing employment, as well as
outplacement services. Layoffs will begin at the end of March.
"Decisions that affect people's lives are always difficult," said Dave
Jones, Rayovac chairman and CEO. "In fairness to our employees, whose
contributions we appreciate, we are making this announcement as early as
possible. We intend to help out-placed employees make the transition to new
employment," Jones said.
Rayovac and Remington sales management, field sales operations and
marketing will be merged into a single North American sales and marketing
organization combining the expertise and talent of both organizations. The
new structure will be launched in mid-February immediately following Rayovac's
global sales meeting.
Finance, Information Systems, customer service and other administrative
functions will be transferred to the existing counterpart organizations at
Rayovac's North American headquarters located in Madison, WI. The transition
is scheduled for the end of March, concurrent with the migration of all
Remington business transactions into Rayovac's SAP system.
The Rayovac and Remington research and product development functions will
be merged into a single organization based at Rayovac's corporate research
facility in Madison, WI.
Beginning this spring, all Remington's distribution facilities in North
America will be integrated into Rayovac's distribution facilities and
infrastructure. Packaging and distribution activities at Remington's third-
party-operated facility in Atlanta, GA will be transitioned to Rayovac's
facilities in Dixon, IL and LaVergne, TN. In Canada, the Remington
distribution center will be closed and all activity transferred to the Rayovac
facility in Mississauga, Ontario Canada.
Planning for the integration of Rayovac and Remington international
operations is continuing and is expected to be complete by the end of the
first quarter. Details will be provided at a later date. Also, the 65
remaining Remington U.S. Service Centers will be closed by the end of
February, completing an initiative begun by Remington several years ago. A
total of 311 full-time, part-time and seasonal employees will be laid off.
In conjunction with these initiatives and to support its global expansion
and diversification strategy, Rayovac will relocate its corporate headquarters
to Atlanta, GA in the spring of 2004. Executive management, corporate
finance, and selected other corporate administrative functions will be
relocated. Twenty-five positions will move to Atlanta, GA. The growing size
and maturity of the regional business unit structure as well as the desire to
headquarter in a more central geographic location closer to key global
customers and regional headquarter locations were the key drivers behind this
decision.
"We intend to continue to grow our business and leverage our global
presence both by expanding market share of our family of products and by
adding more leading brands to our fine stable of world-class offerings," Jones
continued. "This move to Atlanta improves our access to all global customers
and moves us closer to our global markets."
Rayovac Corporation is a global consumer products company with a diverse
portfolio of world-class brands, including Rayovac, VARTA and Remington. The
Company holds many leading market positions including: the world's leader in
hearing aid batteries; the top selling rechargeable battery brand in North
America and Europe; and the number one selling brand of men's and women's foil
electric razors in North America. Rayovac markets its products in more than
100 countries and trades on the New York Stock Exchange under the ROV symbol.
Certain matters discussed in this news release, with the exception of
historical matters, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are
subject to a number of risks, uncertainties and other factors that could cause
results to differ materially from those anticipated as of the date of this
release. Actual results may differ materially from these statements as a
result of (1) changes in external competitive market factors, such as
introduction of new product features or technological developments,
development of new competitors or competitive brands or competitive
promotional activity or spending, (2) changes in consumer demand for the
various types of products offered by Rayovac or Remington, (3) changes in the
general economic conditions where we do business, such as stock market prices,
interest rates, currency exchange rates, inflation and raw material costs, (4)
our ability to successfully implement manufacturing, distribution and other
cost efficiencies and (5) various other factors, including those discussed
herein and those set forth in Rayovac's Annual Report on Form 10-K.
SOURCE Rayovac Corporation
