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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 (www.wdrake.com) which sells household gifts, gadgets and convenience products, personalized merchandise, home decor and holiday cards, and The Home Marketplace (www.thehomemarket place.com), 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
Words:137
Previous Article:Sales boost Gillette profits 6%.
Next Article:Estee Lauder's net down; will sell Jane cosmetics.


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