UPDATE 2-Energizer to cut more than 10 percent of workforce

Thu Nov 8, 2012 7:20pm EST
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* Plans to cut about 1,500 from workforce, close plants

* Adjusted earnings of $1.76 per share top Street view $1.55

* Shares rise to $74.85 in after-hours trading

By Jessica Wohl

Nov 8 (Reuters) - Energizer Holdings Inc said on Thursday that it would cut more than 10 percent of its workforce, or about 1,500 people, as it tries to rev up results in its battery business.

A restructuring at the company, which also makes Schick razors, was in the works for months. In September, Energizer said it planned to cut jobs and expenses but until Thursday it had not disclosed details of the plan.

Energizer's shares soared to $74.85 in after hours trading after dipping 22 cents during the regular session to $70.82.

This year, the company faced pressures including losing shelf space for batteries at Walmart and stepped up competition from larger rival Procter & Gamble Co's Gillette razors. At the same time, it has been under constant pressure as popular iPads, mobile phones and other electronic gadgets do not require its kind of batteries.

"It is absolutely what the company has to do in the context of declining market share, declining category growth in batteries and much tougher competition," Sanford C. Bernstein analyst Ali Dibadj said of the restructuring. "This is a short-term Band-Aid, but going forward they're still stuck in very difficult categories and positions in those categories."   Continued...