Dial Sells 2 Lines to Hathi Group
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Dial Corp., which put itself up for sale this month, sold its unprofitable Sarah Michaels lotions and Freeman cosmetics lines to Hathi Group. Dial will take a $200-million charge for a loss on the transaction.
Terms weren’t disclosed. Dial, which also makes Purex detergent and Renuzit air freshener, paid $260 million for the personal-care lines in 1998, a spokesman said. The board of Scottsdale, Ariz.-based Dial this month said that it will solicit bids for the consumer products maker, which is struggling to compete with larger rivals.
Hathi Group is a closely held Chicago-based operator of packaging, medical equipment and personal-care companies.
Dial shares fell 38 cents to close at $16.72 on the NYSE.
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