MIDDLETON, Wis.--(BUSINESS WIRE)--Jan. 28, 2019--
Spectrum Brands Holdings, Inc. (NYSE: SPB) today announced the closing
of the sale of its Global Auto Care business to Energizer Holdings, Inc.
(NYSE: ENR) for $938.7 million in cash and approximately 5.3 million
shares of Energizer common stock, subject to working capital and other
typical closing adjustments.
“With the divestitures of our battery business on January 2 and our auto
care unit today, we are completing a significant transformation of our
Company by reallocating capital to create a meaningfully less leveraged
and more focused portfolio of consumer brands businesses with improved
financial strength and flexibility,” said David Maura, Chairman and
Chief Executive Officer of Spectrum Brands.
“We already have achieved major progress this month with approximately
$2.12 billion of debt reduction initiatives to materially improve our
capital structure in fiscal 2019,” Mr. Maura said, “including the
prepayment in full of our credit facility term loans totaling $1.23
billion and the planned redemption, which is scheduled to occur this
week, of all of our $890 million of 7.75 percent senior notes.
“At the same time, we are focused on our portfolio of leading and
well-known brands across our four continuing businesses with
significantly increased investments to accelerate innovation and further
strengthen support behind our brands,” Mr. Maura said.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, a member of the Russell 1000 Index, is a
global consumer products company offering a broad portfolio of leading
brands and focused on driving innovation and providing exceptional
customer service. The Company is a leading supplier of
residential locksets, residential builders’ hardware, plumbing, shaving
and grooming products, personal care products, small household
appliances, specialty pet supplies, lawn and garden and home pest
control products, and personal insect repellents. Helping to meet the
needs of consumers worldwide, our Company offers a wide portfolio of
market-leading, well-known and widely trusted brands including Kwikset®,
Weiser®, Baldwin®, National Hardware®, Pfister®, Remington®, George
Foreman®, Russell Hobbs®, Black+Decker®, Tetra®, Marineland®, Nature’s
Miracle®, Dingo®, 8-in-1®, FURminator®, IAMS® and Eukanuba® (Europe
only), DreamBone®, Digest-eeze™, Healthy-Hide®, Littermaid®,
Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag® and Liquid Fence®.
Based in Middleton, Wisconsin, Spectrum Brands generated fiscal 2018
pro forma net sales of approximately $3.79 billion for the four
continuing businesses in fiscal 2019 – Hardware & Home Improvement,
Appliances, Global Pet Supplies, and Home & Garden. Fiscal
2018 reported net sales from continuing operations were approximately
$3.15 billion. For more information, visit www.spectrumbrands.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190128005404/en/
Source: Spectrum Brands Holdings, Inc.
Investor/Media Contact: Dave Prichard