Edgewell Personal Care Company, which has its headquarters in Shelton, has bought razor and shaving supplies company Harry's Inc.
According to Edgewell's statement, the company bought Harry's for $1.37bn in cash and stocks. A condition of the sale was that Jeff Raider and Andy Katz-Mayfield, the co-founders of Harry's, were established as Edgewell's US operations co-presidents.
Raider and Katz-Mayfield said the merge would benefit Harry's customer and give them better service. They expressed pride in the company they built together and admiration for Edgewell's popularity, and are excited to see what the future holds for both companies working together.
Customers purchase shaving supplies from Harry's directly through its factory based in Germany, which allows customer to buy them at a wholesale price rather than a higher price from a retailer. Like Dollar Shave Club, it has changed the market for disposable razors with its lower prices and regular delivery service.
CEO and resident of Edgewell Rod Little said that the companies working together is a vital step in the right direction to evolving the business, becoming more competitive, and growing in the market. Edge, Schick, and Wilkinson Sword are among the shaving brands also owned by Edgewell.
If the merged companies have a new product they want to unveil, they can work together to come up with the product design and the best graphic design with which to market it.
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