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Blyth announces cuts; buys Walter Drake.

* Candlemaker Blyth Inc. said it would cut jobs and close facilities in a restructuring aimed at reducing costs and scaling back some product lines. The Greenwich, CT-based company said it would record fourth quarter restructuring charges and asset writedowns totaling between $25 million and $27 million. As a result, fourth quarter earnings will be reduced.

In other news, Blyth Inc. acquired Walter Drake, a leading direct marketer of value-priced household products, for $53 million. Drake has annual sales of $80 million. The company's products are marketed under two main catalog titles and internet web sites, Walter Drake ( which sells household gifts, gadgets and convenience products, personalized merchandise, home decor and holiday cards, and The Home Marketplace (www.thehomemarket, a retailer of kitchen and storage products, as well as general household maintenance items.
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Title Annotation:As We Go To Press
Publication:Household & Personal Products Industry
Date:Feb 1, 2004
Previous Article:Sales boost Gillette profits 6%.
Next Article:Estee Lauder's net down; will sell Jane cosmetics.

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