Playtex to Pay $122 Million for Diaper Genie

Playtex Products Inc. agreed to buy the Diaper Genie brand from Mondial Industries for $122 million in cash and debt in a bid to boost its infant-care business. Playtex, the maker of Playtex tampons and other personal-care products, will pay $72 million in cash and $50 million in debt that is convertible into Playtex shares after one year. Diaper Genie, a diaper disposal system, had $42 million in 1998 sales. Last year, Playtex shifted more of its business into infant care through its purchase of Personal Care Group Inc., maker of Chubs baby wipes and Mr. Bubble bubble bath. Infant-care and feminine-care products each represented about 34% of Playtex’s sales in 1998. That compares with a 40% share for feminine-care products in 1997, and 25% for infant care. Mondial is based in Streetsboro, Ohio. Shares in Westport, Conn.-based Playtex rose 31 cents to close at $15.13 on the NYSE.