ATLANTA, Jun 30, 2008 (BUSINESS WIRE) -- Spectrum Brands, Inc. (NYSE: SPC)(the Company) announced today
that it has not been successful in its attempt to secure the consent
of its senior lenders necessary to complete the previously announced
sale of its global pet supply business.
On May 21, 2008 the Company announced that it had signed a
definitive purchase agreement with Salton, Inc. and its wholly owned
subsidiary, Applica Pet Products LLC, for the sale of the Company's
global pet business. Receipt of consent from its senior lenders is a
condition to the completion of the sale.
The Company continues to believe that the sale of its global pet
business to Salton, Inc. and its wholly owned subsidiary, Applica Pet
Products LLC, upon the negotiated terms is in the best interests of
the Company and its shareholders, as well as its other constituencies.
The definitive purchase agreement continues in full force and effect,
and the Company intends to comply with its obligations thereunder in
order to satisfy the conditions necessary to consummate the sale of
its global pet supply business.
Certain matters discussed in this news release, with the exception
of historical matters, may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are subject to a number of risks and uncertainties that
could cause results to differ materially from those anticipated as of
the date of this release. Actual results may differ materially as a
result of (1) the occurrence of any event, change or other
circumstance that could give rise to the termination of the definitive
agreement; (2) the inability to complete the transaction due to the
failure to receive required regulatory or other approvals or to
satisfy other conditions to the sale; (3) the risk that the proposed
transaction disrupts current plans and operations; (4) difficulty or
unanticipated expenses in connection with the sale; (5) changes and
developments in external competitive market factors, such as
introduction of new product features or technological developments,
development of new competitors or competitive brands or competitive
promotional activity or spending, (6) changes in consumer demand for
the various types of products the Company offers, (7) unfavorable
developments in the global credit markets, (8) the impact of overall
economic conditions on consumer spending, (9) fluctuations in
commodities prices, the costs or availability of raw materials or
terms and conditions available from suppliers, (10) changes in the
general economic conditions in countries and regions where the Company
does business, such as stock market prices, interest rates, currency
exchange rates, inflation and consumer spending, (11) the Company's
ability to successfully implement manufacturing, distribution and
other cost efficiencies and to continue to benefit from its
cost-cutting initiatives, (12) unfavorable weather conditions and
various other risks and uncertainties, including those discussed
herein and those set forth in the Company's securities filings,
including the most recently filed Annual Report on Form 10-K or
Quarterly Report on Form 10-Q. The Company also cautions the reader
that its estimates of trends, market share, retail consumption of its
products and reasons for changes in such consumption are based solely
on limited data available to the Company and management's reasonable
assumptions about market conditions, and consequently may be
inaccurate, or may not reflect significant segments of the retail
market.
The Company also cautions the reader that undue reliance should
not be placed on any forward-looking statements, which speak only as
of the date of this release. The Company undertakes no duty or
responsibility to update any of these forward-looking statements to
reflect events or circumstances after the date of this report or to
reflect actual outcomes.
About Spectrum Brands, Inc.
Spectrum Brands is a global consumer products company and a
leading supplier of consumer batteries, lawn and garden care products,
specialty pet supplies, shaving and grooming products, household
insect control products, personal care products and portable lighting.
Helping to meet the needs of consumers worldwide, included in its
portfolio of widely trusted brands are Rayovac(R), Varta(R),
Remington(R), Tetra(R), Marineland(R), Nature's Miracle(R), Dingo(R),
8-In-1(R), Spectracide(R), Schultz(R), Cutter(R), Repel(R), and
HotShot(R). Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in more
than 120 countries around the world. Headquartered in Atlanta,
Georgia, Spectrum Brands generated fiscal year 2007 net sales of $2.6
billion. The Company's stock trades on the New York Stock Exchange
under the symbol SPC.
SOURCE: Spectrum Brands, Inc.
Spectrum Brands
Investor Contact:
Carey Skinner, 770-829-6208
DVP Investor Relations
or
Sard Verbinnen & Co for Spectrum Brands
Media Contact:
Kara Findlay, 212-687-8080
or
Matt Benson, 415-618-8750
