Spectrum Brands Holdings to Continue Focus on Greater Long-Term Shareholder Value with Executive Chairman
David Maura
Spectrum Brands Holdings, Inc. (NYSE: SPB) said today it looks forward to a continuing and strong working relationship with its
Executive Chairman David M. Maura following an 8-K announcement today by its majority shareholder HRG Group Inc. (NYSE: HRG) that
Mr. Maura has resigned his employment with HRG Group effective November 29, 2016.
“As David transitions out of HRG Group, we are very pleased that he will be able to even more fully direct his focus on growing
shareholder value at Spectrum Brands,” said Andreas Rouvé, Chief Executive Officer of Spectrum Brands Holdings. “David’s
contributions to the steady, profitable growth and expansion of our Company over the past 7 years have been many and significant,
and our senior leadership team is excited about the ongoing partnership with David in the months and years ahead.”
“Today I am more committed than ever to driving additional shareholder value at Spectrum Brands,” said Mr. Maura. “We will
continue to be effective and efficient allocators of capital and operators of businesses to drive increasing amounts of organic
adjusted EBITDA and sustainable, long-term free cash flow as we have demonstrated with our annualized TSR of 28% since 2009 when I
became involved with Spectrum Brands as its Chairman.” Mr. Maura joined the Spectrum Brands Board in 2009, became non-executive
Chairman in 2011 and Executive Chairman earlier this year.
“Our brand equity across our portfolio of businesses has never been stronger, and our free cash flow reached a record level last
year,” Mr. Maura said. “I am expecting another record year in fiscal 2017 and am confident we can drive increasing value creation
for our shareholders for many years to come.
“Capably led by CEO Andreas Rouvé, we have a seasoned senior management team that is executing well on our long-term strategic
growth plan,” Mr. Maura said. “While we have been laser-focused on integrating our Global Auto Care acquisition over the last 18
months, our Company has been paying down record amounts of debt to strengthen our balance sheet and intends to do so again this
year. The opportunity to accelerate our organic growth rate excites me. We have a lot of white space opportunities both here in
North America and abroad.
“Similar to past years and as our leverage moves lower toward 3 times, I am optimistic that we also will start to accelerate our
inorganic growth plans again,” Mr. Maura added. “Tuck-in acquisitions are preferred, but larger deals become more realistic as
Spectrum Brands continues to rapidly delever. However, I want to emphasize that Spectrum Brands will only allocate capital if it is
efficient, synergistic and accretive.
“As I am fond of saying, Spectrum Brands’ best days are still ahead, and I sincerely thank HRG Group for its steady and strong
support of Spectrum Brands during my tenure there,” Mr. Maura said.
About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, a member of the Russell 1000 Index, is a global consumer products company offering an expanding
portfolio of leading brands providing superior value to consumers and customers every day. The Company is a leading supplier of
consumer batteries, residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care
products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, personal insect
repellents, and auto care products. 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®, VARTA®, Kwikset®, Weiser®, Baldwin®, National Hardware®,
Pfister®, Remington®, George Foreman®, Russell Hobbs®, Black+ Decker®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®,
FURminator®, IAMS®, Eukanuba®, Digest-eeze™, Healthy-Hide®, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot®, Black Flag®,
Liquid Fence®, Armor All®, STP® and A/C PRO®. Spectrum Brands' products are sold by the world's top 25 retailers and are available
in more than one million stores in approximately 160 countries. Based in Middleton, Wisconsin, Spectrum Brands Holdings generated
net sales of approximately $5.04 billion in fiscal 2016. 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 the Company’s ability to meet its expectations for its fiscal 2017 (including expectations regarding
capital expenditures and its ability to increase its net sales, free cash flow and adjusted EBITDA) 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) the impact of our
indebtedness on our business, financial condition and results of operations; (2) the impact of restrictions in our debt instruments
on our ability to operate our business, finance our capital needs or pursue or expand business strategies; (3) any failure to
comply with financial covenants and other provisions and restrictions of our debt instruments; (4) the impact of actions taken by
significant stockholders; (5) the impact of expenses resulting from the implementation of new business strategies, divestitures or
current and proposed restructuring activities; (6) our inability to successfully integrate and operate new acquisitions at the
level of financial performance anticipated; (7) the unanticipated loss of key members of senior management; (8) the impact of
fluctuations in commodity prices, costs or availability of raw materials or terms and conditions available from suppliers,
including suppliers’ willingness to advance credit; (9) interest rate and exchange rate fluctuations; (10) our ability to utilize
our net operating loss carry-forwards to offset tax liabilities from future taxable income; (11) the loss of, significant reduction
in, or dependence upon, sales to any significant retail customer(s); (12) competitive promotional activity or spending by
competitors, or price reductions by competitors; (13) the introduction of new product features or technological developments by
competitors and/or the development of new competitors or competitive brands; (14) the effects of general economic conditions,
including inflation, recession or fears of a recession, depression or fears of a depression, labor costs and stock market
volatility or changes in trade, monetary or fiscal policies in the countries where we do business; (15) changes in consumer
spending preferences and demand for our products; (16) our ability to develop and successfully introduce new products, protect our
intellectual property and avoid infringing the intellectual property of third parties; (17) our ability to successfully implement,
achieve and sustain manufacturing and distribution cost efficiencies and improvements, and fully realize anticipated cost savings;
(18) the cost and effect of unanticipated legal, tax or regulatory proceedings or new laws or regulations (including environmental,
public health and consumer protection regulations); (19) public perception regarding the safety of products that we manufacture and
sell, including the potential for environmental liabilities, product liability claims, litigation and other claims related to
products manufactured by us and third parties; (20) the impact of pending or threatened litigation; (21) the impact of
cybersecurity breaches or our actual or perceived failure to protect company and personal data; (22) changes in accounting policies
applicable to our business; (23) government regulations; (24) the seasonal nature of sales of certain of our products; (25) the
effects of climate change and unusual weather activity; and (26) the effects of political or economic conditions, terrorist
attacks, acts of war or other unrest in international markets, including those discussed herein and those set forth in the combined
securities filing of Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC, including their most recently filed Annual Report on
Form 10-K or Quarterly Report 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.
Spectrum Brands Holdings, Inc.
Investor/Media Contact:
Dave Prichard
608-278-6141
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