Spectrum Brands finalizes sale of Rayovac to Energizer

Spectrum Brands officially sold its Rayovac battery and lighting business to Energizer, according to a release.

In 2018, Spectrum Brands announced it had entered into an agreement to sell the business to Energizer.

The company announced that the $2 billion sale was finalized Wednesday.

“We extend our thanks to both the Spectrum Brands and Energizer teams for working nearly a year to bring this global transaction to a successful completion,” David M. Maura, executive chairman and chief executive officer of Spectrum Brands Holdings, said in the release. “We can now embark on our debt reduction initiatives to materially improve our capital structure in fiscal 2019 as we focus on our four continuing businesses with increased investments in innovation and brand support.”

The consumer products company wants to concentrate on its four remaining businesses, which are hardware and home improvement, global auto care, global pet supplies and home and garden.

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