Rayovac 2004 Annual Report Download - page 5

Download and view the complete annual report

Please find page 5 of the 2004 Rayovac annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

To฀Our฀Shareholders:
At฀Rayovac฀Corporation,฀we฀ascribe฀to฀the฀simple฀belief฀that฀if฀something’s฀worth฀doing,฀it’s฀
worth฀doing฀right.฀This฀uncomplicated฀approach฀to฀our฀business฀is฀not฀only฀inherent฀in฀Rayovac’s฀
culture,฀it’s฀evident฀in฀every฀activity฀we฀pursue.฀We฀demonstrated฀this฀fact฀in฀fiscal฀2004฀by฀
carefully฀executing฀ our฀growth฀strategy,฀taking฀ a฀ number฀of฀steps฀ to฀become฀ a฀ larger,฀ more฀
diversified฀consumer฀products฀company฀that฀can฀serve฀the฀increasingly฀global฀demands฀of฀the฀
world’s฀top฀retailers.฀In฀the฀process,฀we฀delivered฀a฀host฀of฀impressive฀operating฀achievements฀
and฀posted฀record฀financial฀results.฀As฀a฀result,฀we฀succeeded฀in฀making฀2004฀another฀year฀in฀
which฀we฀not฀only฀did฀things฀right,฀we฀did฀them฀extremely฀well.
Capitalizing฀on฀Our฀Remington฀Acquisition
One฀of฀our฀most฀noteworthy฀accomplishments฀during฀the฀year฀was฀our฀successful฀integration฀
of฀Remington฀Products฀Company,฀a฀leading฀designer฀and฀distributor฀of฀shaving฀and฀personal฀
care฀ products.฀ Our฀ careful฀ execution฀of฀ this฀process฀resulted฀in฀a฀powerful฀ combined฀enter-
prise฀with฀a฀richer฀brand฀portfolio฀and฀a฀more฀diverse฀range฀of฀products.฀We฀leveraged฀the฀full฀
potential฀of฀our฀new฀organization,฀combining฀distribution,฀manufacturing,฀sales฀and฀marketing,฀
and฀administrative฀organizations;฀raising฀our฀profile฀with฀suppliers฀and฀customers;฀and฀generating฀
increased฀operating฀efficiencies.
Rayovac฀has฀a฀successful฀track฀record฀in฀acquiring฀and฀integrating฀companies,฀and฀Remington฀
is฀a฀model฀ example฀ of฀ the฀ disciplines฀we฀use฀as฀we฀execute฀these฀processes.฀ We฀ begin฀by฀
carefully฀selecting฀companies฀that฀offer฀Rayovac฀a฀good฀strategic฀fit.฀We฀finance฀our฀acquisi-
tions฀by฀prudently฀accessing฀the฀capital฀markets.฀We฀plan฀thoroughly,฀laying฀out฀each฀facet฀of฀
the฀anticipated฀integration,฀and฀we฀work฀diligently฀to฀retain฀the฀“corporate฀DNA”฀of฀the฀acquired฀
company—the฀talented฀managers฀upon฀whom฀we฀rely฀to฀support฀its฀future฀growth.฀Finally,฀we฀
execute฀to฀plan,฀aggressively฀integrating฀the฀acquisition,฀leveraging฀each฀company’s฀strengths,฀
and฀driving฀new฀productivity฀and฀efficiencies.฀These฀collective฀measures฀account฀for฀Rayovac’s฀
exceptional฀acquisition฀record.
Rayovac’s฀integration฀of฀Remington฀encompassed฀a฀series฀of฀challenging฀initiatives฀that฀required฀
us฀to฀ draw฀on฀all฀of฀our฀skills฀as฀ an฀experienced฀acquirer.฀These฀initiatives฀included฀merging฀
Remington’s฀North฀American฀and฀European฀businesses฀with฀ Rayovac’s฀existing฀operations,฀
rationalizing฀ the฀ two฀ companies’฀ manufacturing฀ and฀ distribution฀ facilities,฀ and฀ converting฀฀
Remington’s฀information฀systems฀to฀Rayovac’s฀SAP฀platform.฀We฀also฀formed฀a฀global฀product฀
T O ฀ O U R ฀ S H A R E H O L D E R S ฀
Growth
T h e ฀ P o w e r ฀ B e h i n d ฀ O u r ฀ B r a n d s . ฀ G r o w t h . ฀ D i s c i p l i n e . ฀ F o c u s . ฀ S t r a t e g y . ฀ I n n o v a t i o n . ฀ E x p e r i e n c e .
We฀delivered฀impressive฀operating฀achievements฀and฀posted฀฀
฀ record฀financial฀results,฀making฀2004฀another฀year฀in฀which฀
฀ we฀not฀only฀did฀things฀right,฀we฀did฀them฀extremely฀well.฀