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Method introduces foaming dish soap available in new spray design

BY Jason Owen

SAN FRANCISCO — Method Products, PBC, a manufacturer of eco-friendly home cleaning, laundry and personal care products, is innovating in the dish category again, this time with the launch of Power Foam dish soap — a foaming dish soap in an ergonomic trigger spray bottle.

By combining functional design, delightful fragrance and powerful formula, Method has created a dish soap ideal for quick, convenient cleaning that fits with today’s busy lifestyles. Power Foam’s innovative design allows for targeted cleaning, with the ability to spray instantly foaming soap on a sponge or directly onto a dish. The trigger spray makes it easy to clean everything from narrow openings like baby bottles to wide surface areas like baking pans. The foaming formula and targeted application help the naturally derived cleaners get to work quickly on tough grease and stuck-on food.

“People are doing their dishes differently these days,” said Josh Handy, Method’s VP of product experience. “Most dish soaps available today are designed for filling up a sink with bubbles rather than for washing in a targeted manner, which is what we’re seeing more people do. Seeing this shift in how people wash their dishes, we decided to create a product that improves the experience of an everyday chore and makes washing the dishes a bit more enjoyable.”

The easy-to-spray design and fun foaming soap make Method’s Power Foam dish soap an ideal solution for getting kids involved in the dishwashing routine. Parents can feel good about letting them pitch in because of the non-toxic formula free of dirty ingredients.

Power Foam is available in three scents: French Lavender, Pink Grapefruit and Lemon Mint and retails for $3. The recyclable bottles are made with 100% recycled plastic.


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Dole Food, David H. Murdock announce merger agreement; company to go private

BY Jason Owen

WESTLAKE VILLAGE, Calif. — Dole Food Company, Inc., and David H. Murdock, Dole’s chairman and CEO, today jointly announced that they have signed a definitive merger agreement pursuant to which Murdock, acting through his affiliates, will acquire for cash all of the outstanding shares of Dole common stock not currently beneficially held by him.

Under the terms of the merger agreement, Dole stockholders will receive $13.50 in cash for each share of Dole common stock that they hold, in a transaction which (with the assumption of debt) places the total enterprise value of Dole at approximately $1.6 billion. This price represents an increase of $1.50 per share from the original proposal Murdock delivered to Dole on June 10, 2013, and a premium of 32% over the $10.20 per share price of the stock immediately prior to such proposal.

The board of directors of Dole, with Mr. Murdock abstaining, acting on the unanimous recommendation of a special committee of independent and disinterested directors, unanimously approved the merger agreement pursuant to which Murdock will take the company private. The transaction is subject to a number of conditions, including approval by at least a majority of the outstanding shares of common stock held by stockholders of Dole other than Murdock and his affiliates. The special committee was formed after Murdock delivered the original proposal to Dole.

The transaction will be financed through a combination of cash and equity contributed by Mr. Murdock, as well as financing that has been committed by Deutsche Bank, Bank of America and The Bank of Nova Scotia. The transaction is subject to other customary conditions, including receipt of required regulatory approvals, in addition to the stockholder approval mentioned above. The merger agreement provides for a “go-shop” period of 30 days, during which the special committee, with the assistance of Lazard, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The transaction is expected to close during the fourth quarter of 2013.

Lazard acted as financial advisor to the special committee. Mr. Murdock was advised by Deutsche Bank Securities Inc. in connection with the transaction.

For further information regarding the terms and conditions of the proposed merger, please see Dole’s Current Report on Form 8-K filed today with the SEC.


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Dr. Reddy’s appoints new president and global head of human resources

BY Jason Owen

HYDERABAD, India — Dr. Reddy’s has announced the appointment of Dr. Sripada Chandrasekhar as the president and global head of human resources; he will also be a member of Dr. Reddy’s Management Council. With over 30 years of experience, Dr. Chandrasekhar brings a rare blend of experience across India’s leading firms in Public, Private and Multi-National sectors — both in the early economy areas of steel and manufacturing as well as in the more recent domains of Telecom, IT Services and Consulting.

Prior to joining Dr. Reddy’s, Dr. Chandrasekhar worked with IBM in India as VP and head of human resources for the India/South Asia region. He was a key member of their India Leadership Team and a director on the board of IBM India.


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