Church & Dwight to apply free cash flow toward M&A, company growth

By Jennifer Lanning Drey

Portland, Ore., June 29 - Church & Dwight Co., Inc.'s top priority for its free cash flow continues to be to apply it toward mergers and acquisitions, followed by new product development, Matt Farrell, its chief financial officer, said Tuesday at the Oppenheimer Consumer, Gaming, Lodging & Leisure Conference in Boston.

Those priorities are followed by capital expenditures for organic growth, then debt reduction, he said.

Church & Dwight targets a leverage ratio of between two times and three times total debt to bank EBITDA, he said.

The company ended 2009 with a leverage ratio of 1.6 times and has since brought it lower, the CFO also noted.

Church & Dwight posted record free cash flow of $339 million in 2009, he said.

Based in Princeton, N.J., Church & Dwight is a manufacturer and marketer of personal care, household and specialty products.

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