Spectrum Brands Holdings, Inc. (NYSE: SPB), a global and diversified
consumer products company with market-leading brands, announced today
its Hardware and Home Improvement Group (HHI) has completed the
acquisition of privately owned Tell Manufacturing, Inc., a leading U.S.
manufacturer and distributor of commercial doors, locks and hardware
with annual revenues of nearly $40 million. Financial terms of the
accretive, all-cash transaction were not disclosed. A definitive
agreement to purchase Tell was announced on September 18.
“Tell accelerates HHI’s entry into the large and attractive $3 billion
U.S. commercial door hardware and lock market,” said Dave Lumley, Chief
Executive Officer of Spectrum Brands. “Among the many benefits Tell
brings to HHI are a strong commercial security sales position, a leading
share in the growing U.S. modular building industry, new non-retail
channels, mutual cross-selling opportunities in multiple channels, and
hollow metal door manufacturing expertise.”
About Hardware and Home Improvement (HHI)
Hardware and Home Improvement (HHI) is a major manufacturer and
supplier of residential locksets, residential builders’ hardware and
faucets with a portfolio of renowned brands, including Kwikset®,
Weiser®, Baldwin®, National Hardware®, Stanley®, FANAL®, Pfister™ and
EZSET®. HHI is a leader in its key markets with #1 positions in U.S.
residential locksets (Kwikset), Canada residential locksets (Weiser),
U.S. luxury locksets (Baldwin), and U.S. builders’ hardware
(Stanley-National Hardware), #2 in Mexico residential hardware (Fanal),
and #3 in U.S. retail plumbing (Pfister). Headquartered in Orange
County, California, HHI has a global sales force and operates
manufacturing and distribution facilities in the U.S., Canada, Mexico
and Asia.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, a member of the Russell 2000 Index, is a
global and diversified consumer products company and a leading supplier
of consumer batteries, residential locksets, residential builders’
hardware, faucets, shaving and grooming products, personal care
products, small household appliances, specialty pet supplies, lawn and
garden and home pest control products, and personal insect repellents.
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®, Kwikset®, Weiser®, Baldwin®, National Hardware®,
Pfister™, Remington®, VARTA®, George Foreman®, Black & Decker®,
Toastmaster®, Farberware®, Tetra®, Marineland®, Nature’s Miracle®,
Dingo®, 8-in-1®, FURminator®, Littermaid®, Spectracide®, Cutter®,
Repel®, Hot Shot® and Black Flag®. Spectrum Brands' products are sold by
the world's top 25 retailers and are available in more than one million
stores in approximately 140 countries. Based in Middleton, Wisconsin,
Spectrum Brands Holdings generated net sales of approximately $4.1
billion in fiscal 2013. For more information, visit www.spectrumbrands.com.
Forward-Looking Statements
Certain matters discussed in this news release and other oral and
written statements by representatives of the Company regarding matters
such as expected sales, adjusted EBITDA, debt reduction and leverage,
and other measures of financial performance, may be forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We have tried, whenever possible, to identify these
statements by using words like “future,” “anticipate”, “intend,” “plan,”
“estimate,” “believe,” “expect,” “project,” “forecast,” “could,”
“would,” “should,” “will,” “may,” and similar expressions of future
intent or the negative of such terms. These statements are subject to a
number of risks and uncertainties that could cause results to differ
materially from those anticipated as of the date of this release. Actual
results may differ materially as a result of (1) Spectrum Brands
Holdings’ ability to manage and otherwise comply with its covenants with
respect to its significant outstanding indebtedness, (2) our ability to
integrate, and to realize synergies from, the combined businesses of
Spectrum Brands and the Hardware & Home Improvement Group of Stanley
Black & Decker, and from our purchase of 56 percent of the equity of
Shaser, Inc., and from other bolt-on acquisitions, (3) risks related to
changes and developments in external competitive market factors, such as
introduction of new product features or technological developments,
development of new competitors or competitive brands or competitive
promotional activity or spending, (4) changes in consumer demand for the
various types of products Spectrum Brands Holdings offers, (5)
unfavorable developments in the global credit markets, (6) the impact of
overall economic conditions on consumer spending, (7) fluctuations in
commodities prices, the costs or availability of raw materials or terms
and conditions available from suppliers, (8) changes in the general
economic conditions in countries and regions where Spectrum Brands
Holdings does business, such as stock market prices, interest rates,
currency exchange rates, inflation and consumer spending, (9) Spectrum
Brands Holdings’ ability to successfully implement manufacturing,
distribution and other cost efficiencies and to continue to benefit from
its cost-cutting initiatives, (10) Spectrum Brands Holdings’ ability to
identify, develop and retain key employees, (11) unfavorable weather
conditions and various other risks and uncertainties, including those
discussed herein and those set forth in the securities filings of each
of Spectrum Brands Holdings, Inc. and Spectrum Brands, Inc., including
each of their most recently filed Annual Reports on Form 10-K or
Quarterly Reports on Form 10-Q.
Spectrum Brands Holdings also cautions the reader that its estimates
of trends, market share, retail consumption of its products and reasons
for changes in such consumption are based solely on limited data
available to Spectrum Brands Holdings and management’s reasonable
assumptions about market conditions, and consequently may be inaccurate,
or may not reflect significant segments of the retail market. Spectrum
Brands Holdings also cautions the reader that undue reliance should not
be placed on any forward-looking statements, which speak only as of the
date of this release. Spectrum Brands Holdings undertakes no duty or
responsibility to update any of these forward-looking statements to
reflect events or circumstances after the date of this report or to
reflect actual outcomes.
Copyright Business Wire 2014