The Ralston Purina Co. of St. Louis, Mo., has announced plans to spin off its Eveready Battery Co. The spin-off is expected to be completed within seven to 10 months.
Eveready, known for its pink Energizer bunny, had worldwide sales of $2.1 billion in fiscal 1998.
"This is a positive step in the evolution of Eveready Battery Co.," said J. Patrick Mulcahy, who is resigning immediately as co-CEO and co-president of Ralston Purina to focus on Eveready's battery products business.
W. Patrick McGinnis, also co-CEO and co-president, has been elected CEO and president of Ralston.