Spectrum Brands Holdings acquires Russell Hobbs, Inc.

Spectrum Brands Holdings acquired Russell Hobbs, Inc. for $675,000,000, a transaction completed in June 2010, structured as All-stock merger; Spectrum Brands, Inc. and Russell Hobbs, Inc. combined under a new holding company, Spectrum Brands Holdings, Inc..

Russell Hobbs, Inc. operates in Home Appliances (new small-appliance reporting segment), is based in United States (portfolio of global small-appliance brands). Spectrum Brands combined with privately held Russell Hobbs, Inc. in an all-stock transaction to form a global consumer-products company with an estimated $3 billion in annual revenues, adding a new home-appliance reporting segment. Russell Hobbs contributed a portfolio of well-known small-appliance brands including George Foreman, Russell Hobbs, Black & Decker (household), Toastmaster and LitterMaid. The combination was completed through a newly formed holding company, Spectrum Brands Holdings, Inc.

Created a larger, more diversified global consumer-products company with a new home-appliance business unit, a stronger balance sheet with lower leverage and cost of debt, extended maturities, enhanced liquidity and significant synergies.

This transaction will enable the combined company to reap the benefits of a deep and diverse portfolio of well-known consumer brands, a strong balance sheet, significant synergies and enhanced growth opportunities.Kent Hussey, Chief Executive Officer, Spectrum Brands

Advisory firms were not disclosed for this transaction.

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