Directors Decide Not to Sell Tambrands Inc. : Restructuring: A new management organization will be announced soon.
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NEW YORK — The directors of Tambrands Inc., the maker of Tampax tampons and other personal care products, said Monday they have decided against selling the company after several months of exploring that option.
Tambrands also said it will announce a new management structure in the near future.
The statement Monday was Tambrands’ first public confirmation that it had been considering a sale. The Wall Street Journal reported in June that Johnson & Johnson, the New Jersey-based manufacturer of pharmaceuticals and personal products, was among the companies interested in buying Tambrands.
Tambrands, which at the time would not comment on the report, said the board voted unanimously Monday to keep the company independent.
“Our business continues to be highly profitable, and we have an exceptionally strong balance sheet,” Tambrands Chairman Howard B. Wentz Jr. said.
The announcement was made after the close of the stock market. Tambrands had fallen $1.375 a share to close at $45.875 on the New York Stock Exchange.
The company, based in White Plains, N.Y., also announced that it is boosting its quarterly stock dividend by 10.5% to 42 cents a share. The move could make Tambrands a more expensive acquisition for potential suitors.
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