Church & Dwight Co., Inc. Announces Update Amid COVID-19 Outbreak
March 24 2020 - 4:05PM
Business Wire
Church & Dwight Co., Inc. (NYSE:CHD) today announced
measures it has taken to promote the safety of its employees,
maintain its product supply to consumers and ensure the continuity
of the business in response to the COVID-19 pandemic.
The Company has taken actions to promote the safety of employees
by enhancing operating protocols at all its global locations in
compliance with public health requirements, recommendations and
guidelines. These precautions include working from home where
practical, temperature checking employees upon arriving at work
locations, social distancing, restricting access to sites, flexible
sick pay practices, frequent sanitization of work areas, and
restrictions on business travel. A global response team, including
members of senior management, was established and is in constant
contact with local site leaders, so the Company can react quickly
and appropriately.
All the Company’s manufacturing facilities and distribution
centers currently remain open and continue to operate. Various
state and local governments in the U.S. and other jurisdictions
have required cessation of non-essential activities. Substantially
all of the Company’s products are considered essential under
applicable governmental requirements and guidance, including the
Department of Homeland Security’s March 19, 2020 Guidance on the
Essential Critical Infrastructure Workforce.
Church & Dwight understands the need for its products now
more than ever. In March, the Company is experiencing a significant
increase in consumer demand for many of its products, including
Vitafusion gummy vitamins, Simply Saline and Sterimar nasal hygiene
products, A&H baking soda, A&H and XTRA laundry detergent,
A&H cat litter and Kaboom bathroom cleaners. The Company
expects the surge in consumer demand to continue in the second
quarter.
The Company has taken steps to increase short term manufacturing
capacity for its cleaning products (including laundry detergent,
baking soda, and cleaners) and health care products (including
vitamins and nasal hygiene) and is working closely with its
suppliers and retail partners to ensure sustained supply to keep
pace with increased demand.
Future restrictions on business operations or other developments
related to the COVID-19 pandemic could potentially result in
significant disruption to our business. As a result, out of an
abundance of caution, the Company has drawn $825mm of its $1B
revolving credit facility and will hold the cash on its balance
sheet for the foreseeable future. Cash on hand at March 31, 2020 is
expected to be approximately $1 billion. The Company has a strong
balance sheet as it enters this unprecedented economic
environment.
Church & Dwight Co., Inc. (NYSE:CHD) will host a conference
call to discuss First Quarter 2020 earnings results on April 30,
2020 at 10:00 a.m. Eastern time.
To participate, dial 877-322-9846 within the U.S. and Canada, or
631-291-4539 internationally, using access code 2370535. A replay
will be available at 855-859-2056 using the same access code. You
also can participate via webcast by visiting the Investor Relations
section of the Company’s website.
Church & Dwight Co., Inc. manufactures and markets a wide
range of personal care, household and specialty products under the
ARM & HAMMER brand name and other well-known trademarks.
This press release contains forward-looking statements,
including, among others, statements relating to the impact of the
COVID-19 outbreak and the Company’s anticipated response. These
statements represent the intentions, plans, expectations and
beliefs of the Company, and are based on assumptions that the
Company believes are reasonable but may prove to be incorrect. In
addition, these statements are subject to risks, uncertainties and
other factors, many of which are outside the Company’s control and
could cause actual results to differ materially from such
forward-looking statements. Factors that could cause such
differences include, without limitation, the impact of the COVID-19
outbreak and its impact on the Company’s operations, customers,
suppliers, employees, and other constituents, and market volatility
and impact on the economy, regulatory changes or policies, and the
risk that the Company will not be able to successfully execute its
response plans with respect to the outbreak.
For a description of additional factors that could cause
actual results to differ materially from the forward looking
statements, please see the Company’s quarterly and annual reports
filed with the SEC, including Item 1A, “Risk Factors” in the
Company’s annual report on Form 10-K. The Company undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by the U.S. federal securities laws. You are
advised, however, to consult any further disclosures the Company
makes on related subjects in its filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005725/en/
Church & Dwight Co., Inc. Rick Dierker, 609-806-1200
Church and Dwight (NYSE:CHD)
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