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WESTPORT, Conn. — Playtex Products, Inc. (PYX - NYSE) announced today it has reached a definitive agreement to acquire Personal Care Group, Inc., owner of a number of leading consumer product brands, including Wet Ones® pre-moistened towelettes, Chubs® baby wipes, Ogilvie® home permanent products and Binaca® breath spray and drops, from J.W. Childs Equity Partners, L.P.

Playtex chairman Robert B. Haas said Playtex will pay approximately $182 million, consisting of $91 million in cash and 9,257,375 shares of Playtex common stock.

"We are delighted with the transaction and the structure of the deal," said Haas. "In light of the fact that 50 percent of the consideration is in Playtex stock, the acquisition has the added advantage of substantially improving our overall capitalization and leverage ratios."

Personal Care Group generated net sales of $118 million and pro forma EBITDA (earnings before interest, taxes, depreciation and amortization) of $23 million for the twelve months ended September 30, 1997. In addition to Wet Ones, Chubs, Ogilvie and Binaca, Personal Care Group also owns Mr. Bubble® children's bubble bath products, Diaparene® infant care products, Tussy® deodorants, Dorothy Gray® skin care products and Better Off® depilatories.

J.W. Childs Equity Partners acquired the Personal Care Group from Reckitt & Colman in April 1996. "We are acquiring many outstanding brands with strong market positions," said Michael R. Gallagher, Chief Executive Officer of Playtex. "The Personal Care Group's products are very compatible with our existing brands at Playtex and our channels of distribution are nearly identical."

Gallagher was the CEO of Reckitt & Colman, Inc. prior to joining Playtex in 1995 and, as a result, knows the acquired brands well.

"This transaction is expected to be accretive in 1998 and thereafter, and we anticipate realizing substantial business and operational synergies," Gallagher said. "For example, we expect to add to our existing momentum in our Infant Care business with the addition of the Chubs, Diaparene, and Mr. Bubble product lines."

Following closing, the selling shareholders will own approximately 15 percent of Playtex Products. Haas Wheat & Partners Incorporated, the company's largest shareholder, will then own approximately 33 percent of Playtex common stock. Playtex plans to expand the board of directors from nine to 11 members, adding one nominee from J.W. Childs. Haas Wheat & Partners will increase its nominees to six directors from five.

"We are very pleased to join the Playtex family," said John Childs. "Our Personal Care Group brands will benefit from Playtex's larger organization with their excellent distribution capabilities."

Haas and Gallagher noted that the acquisition is a major milestone in achieving the company's announced strategy of acquiring $100 million in new revenues by mid-1998. The strategy was announced at the 1997 Playtex annual meeting along with an additional goal of acquiring a total of $250 million in new revenues by mid-1999.

The transaction, which is not subject to any financing contingency or shareholder approval, is expected to close in early 1998 following regulatory approval.

Personal Care Group, Inc. is headquartered in Montvale, New Jersey, with its principal manufacturing facilities in Sidney, Ohio.

Playtex Products is a leading manufacturer and distributor of personal care products marketed under such brand names as Playtex®, Banana Boat®, Biosun®, Woolite® Jhirmack® and Tek®.

CONTACT: Playtex Products Inc., Westport Michael F. Goss Executive Vice President and Chief Financial Officer 203/341-4264 08:48 EST DECEMBER 23, 1997