SPECTRUM BRANDS COMPLETES SALE OF AUTOMOTIVE ASSETS

By NZHJ January 29, 2019 International News

The changeover to Energizer will, however, take some time to transition through the New Zealand business.

Spectrum Brands completed the planned sale of its Global Auto Care business (ARMOR ALL and STP) to Energizer on 28 January 2019.

The deal is worth US$938.7 million in cash and approximately 5.3 million shares of Energizer common stock.

“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,” says David Maura, Chairman and Chief Executive Officer of Spectrum Brands."

He continues: “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."

In terms of New Zealand, Spectrum Brands says it will continue to operate the Global Auto Care business on behalf of Energizer "for a period of time" until Energizer undertakes a full transition of the business.

This means, for now, there are no changes to existing contacts, account numbers, placing orders, making payments or deliveries.

Along with the ARMOR ALL and STP brands, National Account Manager Dean Sutherland will be transitioning to Energizer and in due course will update customers to explain changes and new procedures for purchases of Global Auto Care products.

Spectrum Brands has already divested itself of its global battery and lighting business (also to Energizer) but is keeping its appliances business comprising the Remington, George Foreman and Russell Hobbs brands.

share this