Spectrum Brands Holdings Comments on Recent Market Activity in Its Common Stock
MADISON, Wis., Feb 18, 2011 (BUSINESS WIRE) --
Spectrum Brands Holdings, Inc. (NYSE: SPB), a global consumer products company with market-leading brands, today commented on the significant increase in the Company's common stock trading volume yesterday.
The Company said it understood that the unusually heavy trading volume in its common stock was due to a significant block trade. Avenue Capital Management II, L.P. and related parties have disclosed that they sold a total of 5 million shares of the Company's common stock out of their previously reported 6,762,845 share position. Spectrum Brands Holdings has confirmed that Harbinger Group Inc. (NYSE: HRG) and Harbinger Capital Partners Master Fund I, Ltd., who own approximately 54.5 percent and 12.7 percent of the Company's common stock, respectively, did not participate in the sale.
"We view this move to a larger and more diversified shareholder base as a natural part of our evolution as a public company," said David Lumley, Chief Executive Officer of Spectrum Brands Holdings. "We also believe that sales of the type witnessed yesterday have the potential to increase the overall trading volume and liquidity in our common stock in the long-term."
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc., a member of the Russell 2000 Index, is a diversified, global consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Helping to meet the needs of consumers worldwide, the Company offers a broad portfolio of market-leading and widely trusted brands including Rayovac(R), Remington(R), Varta(R), George Foreman(R), Black & Decker(R), Toastmaster(R), Tetra(R), Marineland(R), Nature's Miracle(R), Dingo(R), 8-in-1(R), Littermaid(R), Spectracide(R), Cutter(R), Repel(R), and Hot Shot(R).Spectrum Brands Holdings' 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. Spectrum Brands Holdings generated net sales of $3.1 billion from continuing operations in fiscal 2010.For more information, visit www.spectrumbrands.com.
SOURCE: Spectrum Brands, Inc.
Spectrum Brands, Inc. Dave Prichard, 608.278.6141