MIDDLETON, Wis.--(BUSINESS WIRE)--Jan. 24, 2017--
Spectrum Brands Holdings, Inc. (NYSE: SPB), a global consumer products
company offering an expanding portfolio of leading brands providing
superior value to consumers and customers every day, announced that its
Board of Directors today authorized a new three-year, $500 million
common stock repurchase program.
The common stock repurchase authorization is effective immediately and
replaces an existing three-year, $300 million common stock repurchase
program scheduled to expire in July 2018. Purchases under the program
may be made in the open market or in privately negotiated transactions
from time to time at management’s discretion. The repurchase program may
be suspended or discontinued at any time.
“The Board’s action demonstrates strong confidence in the future
earnings and free cash flow generation power of our Company,” said David
Maura, Executive Chairman of the Board of Spectrum Brands Holdings.
“Authorization of a new and larger repurchase program is a good way to
return capital to our shareholders and an excellent use of future excess
free cash flow.”
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, a member of the Russell 1000 Index, is a
global consumer products company offering an expanding portfolio of
leading brands providing superior value to consumers and customers every
day. The Company is a leading supplier of consumer batteries,
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, personal insect repellents, and auto care products.
Helping to meet the needs of consumers worldwide, our Company offers a
broad portfolio of market-leading, well-known and widely trusted brands
including Rayovac®, VARTA®, Kwikset®, Weiser®, Baldwin®, National
Hardware®, Pfister®, Remington®, George Foreman®, Russell Hobbs®,
Black+Decker®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®,
FURminator®, IAMS®, Eukanuba®, Digest-eeze™, Healthy-Hide®, Littermaid®,
Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®, Liquid Fence®,
Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold by the
world's top 25 retailers and are available in more than one million
stores in approximately 160 countries. Based in Middleton, Wisconsin,
Spectrum Brands Holdings generated net sales of approximately $5.04
billion in fiscal 2016. For more information, visit www.spectrumbrands.com.
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Source: Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, Inc.