Rayovac 2004 Annual Report Download - page 5
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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.ToOurShareholders:
AtRayovacCorporation,weascribetothesimplebeliefthatifsomething’sworthdoing,it’s
worthdoingright.ThisuncomplicatedapproachtoourbusinessisnotonlyinherentinRayovac’s
culture,it’sevidentineveryactivitywepursue.Wedemonstratedthisfactinfiscal2004by
carefullyexecuting ourgrowthstrategy,taking a numberofsteps tobecome a larger, more
diversifiedconsumerproductscompanythatcanservetheincreasinglyglobaldemandsofthe
world’stopretailers.Intheprocess,wedeliveredahostofimpressiveoperatingachievements
andpostedrecordfinancialresults.Asaresult,wesucceededinmaking2004anotheryearin
whichwenotonlydidthingsright,wedidthemextremelywell.
CapitalizingonOurRemingtonAcquisition
Oneofourmostnoteworthyaccomplishmentsduringtheyearwasoursuccessfulintegration
ofRemingtonProductsCompany,aleadingdesigneranddistributorofshavingandpersonal
care products. Our careful executionof thisprocessresultedinapowerful combinedenter-
prisewitharicherbrandportfolioandamorediverserangeofproducts.Weleveragedthefull
potentialofourneworganization,combiningdistribution,manufacturing,salesandmarketing,
andadministrativeorganizations;raisingourprofilewithsuppliersandcustomers;andgenerating
increasedoperatingefficiencies.
Rayovachasasuccessfultrackrecordinacquiringandintegratingcompanies,andRemington
isamodel example of the disciplinesweuseasweexecutetheseprocesses. We beginby
carefullyselectingcompaniesthatofferRayovacagoodstrategicfit.Wefinanceouracquisi-
tionsbyprudentlyaccessingthecapitalmarkets.Weplanthoroughly,layingouteachfacetof
theanticipatedintegration,andweworkdiligentlytoretainthe“corporateDNA”oftheacquired
company—thetalentedmanagersuponwhomwerelytosupportitsfuturegrowth.Finally,we
executetoplan,aggressivelyintegratingtheacquisition,leveragingeachcompany’sstrengths,
anddrivingnewproductivityandefficiencies.ThesecollectivemeasuresaccountforRayovac’s
exceptionalacquisitionrecord.
Rayovac’sintegrationofRemingtonencompassedaseriesofchallenginginitiativesthatrequired
usto drawonallofourskillsas anexperiencedacquirer.Theseinitiativesincludedmerging
Remington’sNorthAmericanandEuropeanbusinesseswith Rayovac’sexistingoperations,
rationalizing the two companies’ manufacturing and distribution facilities, and converting
Remington’sinformationsystemstoRayovac’sSAPplatform.Wealsoformedaglobalproduct
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 .
Wedeliveredimpressiveoperatingachievementsandposted
recordfinancialresults,making2004anotheryearinwhich
wenotonlydidthingsright,wedidthemextremelywell.