Rayovac Parent Sells Battery and Lighting Business to Energizer for $2 Billion
Spectrum Brands Holdings announced Tuesday it signed a definitive agreement to sell its Rayovac battery and lighting business to Energizer for $2 billion in cash. Spectrum, which reported $5 billion in sales in FY 2017, will use proceeds to reduce…
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debt, reinvest in its core businesses organically and through acquisitions and repurchase shares, it said. Spectrum’s broad brand portfolio includes Kwikset, Baldwin and Black+Decker. Spectrum Executive Chairman David Maura said the sale is part of a capital strategy toward faster growing and higher margin businesses.