(By Balaseshan) Energizer Holdings Inc. (NYSE: ENR) said it is initiating a voluntary market withdrawal of the continuous spray Banana Boat sun care products due to potential safety concerns.
The products were withdrawn due to a potential risk of the product igniting on the skin if contact is made with a source of ignition before the product is completely dry. This market withdrawal is being conducted with the knowledge of the U.S. Food and Drug Administration.
Energizer has received four reports of adverse events involving burns associated with the use of the Banana Boat UltraMist Sport SPF 30 and 50 products in the U.S., and one event in Canada.
"Consumer safety is the primary objective of Energizer and therefore it has voluntarily initiated this market withdrawal. As already described, Energizer believes it has identified the cause of this safety concern and expects to offer new Banana Boat continuous spray products shortly," the company said.
Energizer is notifying its retail partners to stop selling the product. The company believes this issue is associated with the product delivery system, specifically the size of the spray valve opening on the affected products.
The spray valve opening on the affected products dispenses more than is typical in the industry for continuous sun care sprays.
As a result, the product is taking longer to dry on the skin than is typical with other continuous sprays. If a consumer comes into contact with a flame or spark prior to complete drying of the product on the skin, there is a potential for the product to ignite, the company noted.
ENR closed Friday's regular session down 1.79 percent at $73.02. The stock has been trading between $64.36 and $80.36 for the past 52 weeks.