Energizer Holdings Inc., which was spun off this week from the maker of Schick and other personal-care products, surged 7.6 percent after initiating a dividend and stock repurchase plan.
The newly formed company, which makes batteries and lighting products, will pay a quarterly dividend of 25 cents a share, according to a statement Thursday. The board also approved a buyback covering as much as 7.5 million shares.
Energizer was created in a split from what is now being called Edgewell Personal Care Co., which makes Edge shaving cream, Playtex feminine hygiene products and other household items. The breakup will let the new Energizer focus on its line of batteries and related markets.
The stock climbed to $36.65 on Thursday in New York. Shares of Edgewell declined 1.2 percent to $99.90. Both companies are based in St. Louis.