The rating on Princeton, N.J.-based Church&Dwight Co. Inc. reflects the company's participation in the highly competitive personal care segment of the consumer products industry, its lack of geographic diversity, and its moderately leveraged balance sheet. While the company maintains leading brands, such as Arm&Hammer and Trojan, it competes against much larger companies, such as Procter&Gamble Co. and Colgate-Palmolive Co., with much greater resources to promote and market products. Church&Dwight's operations also are less geographically diverse than those of many of its competitors, as about 78% of its sales are in the U.S. The company has grown through acquisition. In 2003, it purchased Unilever PLC's oral care business; in May 2004, it completed
