Spectrum Brands
Encyclopedia
Spectrum Brands is a diversified company established in 2005 as the successor company to Rayovac
Corporation. Rayovac had been located in Wisconsin since its conception as The French Battery Company in 1906, but then in 2004, as Spectrum Brands, located its Corporate headquarters just north of Atlanta. Rayovac
, as a division of Spectrum Brands, remained headquartered in Madison, WI, along with Remington
even while the parent company, Spectrum Brands, was headquartered in Georgia. On April 15, 2010 Spectrum Brands announced that it would be moving Corporate Headquarters back to Madison, WI.
The company manufactures and markets batteries under the Rayovac and Varta brand names, electric personal care appliances under the Remington
brand name, lawn and garden care products under the Spectracide and Garden Safe brand names, insect repellent
s under the Cutter and Repel brand names. Spectrum owns several pet care companies both in the aquarium supply and companion animal trades. In the aquarium business, Spectrum owns Tetra, Whisper, Marineland, Perfecto, Jungle, Instant Ocean, Visi-Therm, and other product lines. Companion animal lines consist of Dingo, Lazy Pet, Wonderbox, and others. Both aquarium lines and companion lines are concentrated into Spectrum's United Pet Group based in Cincinnati, Ohio
. On February 9, 2010, Spectrum Brands announced its intention to acquire Russell Hobbs', which manufacturers small household appliances, into Spectrum's operating structure to form a new $3 billion consumer products company. Russell Hobbs' brands include George Foreman Grill, Toastmaster, Black & Decker Home appliances, and others.
, Spectracide and Sta-Green lawn products, Cutters, Hot Shot
and Repel
insect control products and pet supply products with the Marineland
, Perfecto
and Eight in One brands. In 2005, Tetra, a major provider of pet-fish products, was acquired. This led to a name change to Spectrum Brands.
Heavily leveraged in debt, Spectrum attempted to sell its pet division (United Pet Group) containing aquarium
products and supplies under the Tetra, Marineland, Instant Ocean and Jungle brand names, and pet care products under the Dingo, Firstrax, 8 in 1 and Nature's Miracles brand names. Appliance maker Salton, owned by hedge fund
Harbinger Capital, agreed to pay approximately $692 million cash to purchase the pet care division, but the deal collapsed on July 14, 2008. According to Forbes
and The Wall Street Journal
, the sale was rejected by Spectrum's own key lenders, most likely because the deal valued the brands for less than what the bankers considered them to be worth.
On February 3, 2009, Spectrum filed for Chapter 11 bankruptcy protection. The company later emerged from bankruptcy on August 28, 2009. Since emerging from Chapter 11, Spectrum has announced year-over-year increases in sales and adjusted EBITDA
for the second quarter of their fiscal 2010. Spectrum Brands finalized a merger with Russell Hobbs
(formerly known as Salton, Inc.) on June 16, 2010.
Rayovac
Rayovac is a brand of batteries owned by Spectrum Brands of Madison, Wisconsin, United States.- History :...
Corporation. Rayovac had been located in Wisconsin since its conception as The French Battery Company in 1906, but then in 2004, as Spectrum Brands, located its Corporate headquarters just north of Atlanta. Rayovac
Rayovac
Rayovac is a brand of batteries owned by Spectrum Brands of Madison, Wisconsin, United States.- History :...
, as a division of Spectrum Brands, remained headquartered in Madison, WI, along with Remington
Remington Products
Remington Products, commonly known as simply Remington, is a worldwide personal care corporation which manufactures razors , epilators, and haircare products for both men and women. It is a subsidiary of Spectrum Brands.-History:...
even while the parent company, Spectrum Brands, was headquartered in Georgia. On April 15, 2010 Spectrum Brands announced that it would be moving Corporate Headquarters back to Madison, WI.
The company manufactures and markets batteries under the Rayovac and Varta brand names, electric personal care appliances under the Remington
Remington Products
Remington Products, commonly known as simply Remington, is a worldwide personal care corporation which manufactures razors , epilators, and haircare products for both men and women. It is a subsidiary of Spectrum Brands.-History:...
brand name, lawn and garden care products under the Spectracide and Garden Safe brand names, insect repellent
Insect repellent
An insect repellent is a substance applied to skin, clothing, or other surfaces which discourages insects from landing or climbing on that surface. There are also insect repellent products available based on sound production, particularly ultrasound...
s under the Cutter and Repel brand names. Spectrum owns several pet care companies both in the aquarium supply and companion animal trades. In the aquarium business, Spectrum owns Tetra, Whisper, Marineland, Perfecto, Jungle, Instant Ocean, Visi-Therm, and other product lines. Companion animal lines consist of Dingo, Lazy Pet, Wonderbox, and others. Both aquarium lines and companion lines are concentrated into Spectrum's United Pet Group based in Cincinnati, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
. On February 9, 2010, Spectrum Brands announced its intention to acquire Russell Hobbs', which manufacturers small household appliances, into Spectrum's operating structure to form a new $3 billion consumer products company. Russell Hobbs' brands include George Foreman Grill, Toastmaster, Black & Decker Home appliances, and others.
History
Originally, Rayovac Corporation primarily manufactured Rayovac batteries. In 2003, Rayovac decided to diversify. In January 2005, Rayovac purchased United Industries Corporation for about $476 million in cash and stock. Brands included in United Industries were VigoroVigoro
Vigoro is a sport like both cricket and baseball and has been mainly played by women. It is most popular in Australia.-History:The game was invented by Englishman John George Grant...
, Spectracide and Sta-Green lawn products, Cutters, Hot Shot
Hot Shot
Hot Shot or Hot Shots may refer to:* Hot Shot , the name of several Transformers characters* Hot Shot Hamish, a character in a British football-themed comic strips* Hotshot crew, a Type 1 wildland firefighting crew in the United States...
and Repel
Repel
Repel is a commune in the Vosges department in Lorraine in northeastern France....
insect control products and pet supply products with the Marineland
Marineland
Marineland can refer to multiple places:*Marineland of Florida, an oceanarium in Florida**Marineland, Florida, the community where the oceanarium is located*MarineLand, an oceanarium/amusement park in Niagara Falls, Ontario, Canada...
, Perfecto
Perfecto
-People:*Gregorio Perfecto , Filipino journalist, politician and jurist*Martín Perfecto de Cos , 19th-century Mexican general*Perfecto de Castro , multi-awarded Filipino musician*Saint Perfecto -People:*Gregorio Perfecto (1891–1949), Filipino journalist, politician and jurist*Martín Perfecto de Cos...
and Eight in One brands. In 2005, Tetra, a major provider of pet-fish products, was acquired. This led to a name change to Spectrum Brands.
Heavily leveraged in debt, Spectrum attempted to sell its pet division (United Pet Group) containing aquarium
Aquarium
An aquarium is a vivarium consisting of at least one transparent side in which water-dwelling plants or animals are kept. Fishkeepers use aquaria to keep fish, invertebrates, amphibians, marine mammals, turtles, and aquatic plants...
products and supplies under the Tetra, Marineland, Instant Ocean and Jungle brand names, and pet care products under the Dingo, Firstrax, 8 in 1 and Nature's Miracles brand names. Appliance maker Salton, owned by hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
Harbinger Capital, agreed to pay approximately $692 million cash to purchase the pet care division, but the deal collapsed on July 14, 2008. According to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
and The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
, the sale was rejected by Spectrum's own key lenders, most likely because the deal valued the brands for less than what the bankers considered them to be worth.
On February 3, 2009, Spectrum filed for Chapter 11 bankruptcy protection. The company later emerged from bankruptcy on August 28, 2009. Since emerging from Chapter 11, Spectrum has announced year-over-year increases in sales and adjusted EBITDA
EBITDA
EBITDA is an acronym for earnings before interest, taxes, depreciation, and amortization. It is a non-GAAP metric that is measured exactly as stated. All interest, tax, depreciation and amortization entries in the income statement are reversed out from the bottom-line net income...
for the second quarter of their fiscal 2010. Spectrum Brands finalized a merger with Russell Hobbs
Russell Hobbs
Russell Hobbs is a manufacturer of household appliances based in Failsworth, Greater Manchester, England.-Formation:After working with REME in World War II and leaving in 1947 as a Major, Bill Russell , from High Wycombe, joined Morphy Richards and helped to design the pop-up toaster, the electric...
(formerly known as Salton, Inc.) on June 16, 2010.