Energizer to Buy Pfizer’s Schick Unit

Energizer Holdings Inc. agreed to buy Pfizer Inc.’s Schick-Wilkinson Sword razor business for $930 million in cash as the No. 2 U.S. battery maker enters a second category to bolster declining sales.

The purchase of Schick, maker of Xtreme 3 and Silk Effects, will help the company step up competition with larger rival Gillette Co., the maker of Mach3 and Venus razors and Duracell batteries.

Shares of St. Louis-based Energizer fell $1.07 to $23.90 on the NYSE. Shares of New York-based Pfizer advanced 46 cents to $30.50.