Russell Hobbs, Inc. to Merge with Spectrum Brands, Inc.
On February 9, 2010, Russell Hobbs, Inc. announced that it has signed a definitive agreement to merge with Spectrum Brands, Inc. Spectrum Brands (www.spectrumbrands.com) is a global consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Included in its portfolio of widely trusted brands are Rayovac®, Remington®, Varta®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-In-1®, Spectracide®, Cutter®, Repel®, and HotShot®. The combined company is expected to deliver approximately $3 billion in annual revenues.
“Spectrum Brands’ and Russell Hobbs’ product lines, supply chain and retail customers are well-aligned, which will allow the combined company greater operating synergies as well as a broader portfolio of brands and products for our retail customers,” said Terry Polistina, CEO of Russell Hobbs. “This enhanced portfolio and the global distribution platforms we each bring together will enable us to deliver greater value to our consumers, our customers and our shareholders.”
The merger is expected to close in the summer of 2010 and is subject to approval of the shareholders of Spectrum Brands, Inc., as well as certain regulatory approvals and other customary closing conditions.