Case Study Spectrum Brands Hhi

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-K







 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended September 30, 2017





OR









 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

 

 

 











 

 

 

 

Commission File No.

 

Name of Registrant, State of Incorporation,

Address of Principal Offices, and Telephone No.

 

IRS Employer Identification No.



 

 

 

 

001-34757

 

Spectrum Brands Holdings, Inc.

(a Delaware corporation)

3001 Deming Way

Middleton, WI 53562

(608) 275-3340

www.spectrumbrands.com

 

 

 

27-2166630

333-192634-03

 

SB/RH Holdings, LLC

(a Delaware limited liability company)

3001 Deming Way

Middleton, WI 53562

(608) 275-3340

 

 

 

27-2812840

Securities registered pursuant to Section 12(b) of the Act:





 

 

 

 

Registrant

 

Title of each class

 

Name of each exchange on which registered

Spectrum Brands Holdings, Inc.

 

Common Stock, Par Value $0.01

 

New York Stock Exchange

SB/RH Holdings, LLC

 

None

 

None







Securities registered pursuant to Section 12(g) of the Act: 



None



 

Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act.





 

 

 

 

 

 



Spectrum Brands Holdings, Inc.

Yes

No

 



SB/RH Holdings, LLC

Yes

No

 



Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Act.



 

 

 

 

 

 



Spectrum Brands Holdings, Inc.

Yes

No

 



SB/RH Holdings, LLC

Yes

No

 



Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.



 

 

 

 

 

 



 

 

 

 

 

 



Spectrum Brands Holdings, Inc.

Yes

No

 



SB/RH Holdings, LLC

Yes

No

 



Indicate by check mark whether the registrants have submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).



 

 

 

 

 

 



 

 

 

 

 

 



Spectrum Brands Holdings, Inc.

Yes

No

 



SB/RH Holdings, LLC

Yes

No

 



Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.



 

 

 

 

 

 



 

 

 

 

 

 



Spectrum Brands Holdings, Inc.

 

 

 

 



SB/RH Holdings, LLC

 

 

 

 



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):





 

 

 

 

 

 

 

 

Registrant

 

Large Accelerated Filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

Spectrum Brands Holdings, Inc.

 

X

 

 

 

 

 

 

SB/RH Holdings, LLC

 

 

 

 

 

X

 

 



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 

 

 

 

 

 



 

 

 

 

 

 



Spectrum Brands Holdings, Inc.

Type

Public
Traded asNYSE: SPB
Russell 1000 Component
IndustryElectric Housewares Mfg
Artificial Plants Mfg
Pesticide Mfg
Lighting Equipment Mfg
PredecessorRayovac Corporation
FoundedJanuary 17, 1906; 112 years ago (1906-01-17) (as French Battery Company)
Madison, Wisconsin, U.S.
HeadquartersMiddleton, Wisconsin, U.S.

Key people

David Maura, Chair
Andreas Rouvé, CEO
Doug Martin, EVP & CFO
John Heil, President, Pet Supplies and Co-COO
ProductsRemington personal appliances, Marineland aquariums, Tetra fish care, Dingo dog treats, Spectracide lawn care, Hot Shot home insecticides, Cutter & Repel insect repellents, Schultz plant care
Revenue$3,187 million[1]

Number of employees

12,000 [2]
DivisionsGlobal Appliances
Hardware & Home Improvement
Home and Garden
Global Pet Supplies
Global Auto Care
SubsidiariesUnited Industrial Corporation
United Pet Group
Armored AutoGroup
Websitespectrumbrands.com

Spectrum Brands Holdings, Inc., is an American 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.

The company manufactures and markets home appliances under the Remington, Russell Hobbs and George Foreman brand names, lawn and garden care products under the Spectracide and Garden Safe brand names, insect repellents under the Cutter and Repel brand names.[3] 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.

Spectrum manufactured and sold batteries under the Rayovac and Varta brand names, until it sold its battery division to long-time Rayovac competitor Energizer in January 2018.[4]

On February 26, 2018, the company announced it was merging with controlling shareholder HRG Group.[5]

History[edit]

In 1906, the French Battery Co. was founded in Madison, Wisconsin, by James Bowen Ramsay (1869–1952), with Alfred Landau as its first president. In 1910, Landau was replaced by C.F. Burgess, and the company became profitable. After a fire destroyed the plant in 1915, Burgess left to found his own company. Production rose during the First World War, and by 1920, the French company had US$2.74 million in sales and 600 employees, and 1000 employees in 1931.[6]

In 1930, the company name was changed to Ray-O-Vac, an allusion to the then-new technology of vacuum tubes and electron rays. In 1933, the company patented the first wearable vacuum tube hearing aid.[7]

During its ownership by the parent company of ESB Industrials, a British subsidiary was established to manufacture and market batteries in the United Kingdom under the Ray-O-Vac name. This operation ceased in 1972; Ray-O-Vac batteries continued to be marketed, although they were manufactured by the British Ever Ready company.[citation needed] In 1988, the name was simplified to Rayovac.

Diversification and name change[edit]

In 2003, Rayovac decided to diversify,[3] and acquired non-battery related businesses including Remington Products and United Pet Group. In 2004, Rayovac successfully underbid Energizer (Eveready) as RadioShack's battery supplier and produced the "Enercell" brand of battery sold exclusively at RadioShack. In January 2005, Rayovac purchased United Industries Corporation for about $476 million in cash and stock. Brands included in United Industries were Vigoro, Spectracide and Sta-Green lawn products, Cutter, Hot Shot and Repel insect control products and pet supply products with the Marineland, Perfecto, and Eight in One brands.[8] In 2005, Tetra, a major provider of pet-fish products, was acquired. This diversification prompted the name change from Rayovac to Spectrum Brands.[3]

Rayovac also bought other battery companies including Varta, Ningbo Baowang and Microlite S.A. The Microlite acquisition included the rights to the Rayovac name in Brazil, giving the company worldwide rights to the Rayovac name.[9] With this acquisition, Rayovac consolidated its presence in the majority of countries in Latin America. Rayovac is a well recognized brand in this region.

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.[citation needed]

On February 3, 2009, Spectrum filed for Chapter 11 bankruptcy protection.[10] The company later emerged from bankruptcy on August 28, 2009.[2][11] 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.

Rayovac, as a division of Spectrum Brands, remained headquartered in Madison, Wisconsin, 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. Spectrum Brands moved its headquarters to Middleton, Wisconsin in October 2013.

Russell Hobbs Inc.[edit]

Spectrum Brands finalized a merger with Russell Hobbs Inc. (formerly known as Salton, Inc.) on June 16, 2010, to form a new $3 billion consumer products company. Russell Hobbs' brands include George Foreman Grill, Toastmaster, Black & Decker Home appliances, and Russell Hobbs.

Armored AutoGroup[edit]

On April 28, 2015, Spectrum Brands entered the automotive supply business by acquiring Armored Auto group, with cofinancing by C3 Holdings owned by billionaires Christopher Sullivan Richardson and Christopher Maddox Bass of Texas, which make Armor All finishes and STP automotive chemicals among other products.[12]

HRG Group[edit]

On January 16, 2018, the Rayovac division was bought by Energizer for $2 billion.[4] On February 26, 2018, Spectrum Brands announced it was merging with controlling shareholder HRG Group, Inc. The move would not affect the pending sale of its battery division to Energizer. Spectrum management was expected to run the merged entity.[5] The combined company is to be named Spectrum Brands Holdings, Inc. and trade under the ticker symbol SPB. The company will remain in Middleton.[13]

Battery products[edit]

Rayovac manufactures alkaline batteries ranging in size from AAA to 9V, rechargeable NiMH batteries, hearing aid batteries, lithium photo batteries, specialty batteries and portable power chargers. In addition, a variety of portable LED flashlights and lanterns are produced under the Rayovac brand.[14]

References[edit]

Further reading[edit]

External links[edit]

Spectrum Brands

Global Batteries & Appliances
Hardware & Home Improvement
  • Kwikset
  • Baldwin
  • Weiser
  • Pfister
  • Stanley Hardware
  • National Hardware
  • EZ Set
  • Fanal
  • Tell Manufacturing
United Industrial Corporation
  • Spectracide
  • Cutter
  • Hot Shot
  • Black Flag
  • Repel
  • Liquid Fence
  • Garden Safe
United Pet Group
  • Marineland
  • Instant Ocean
  • Jungle
  • Tetra
  • Dingo
  • FURminator
  • Nature's Miracle
  • Perfect Coat
  • Lazy Pet
  • Pro Sense
  • Excel
  • M2N
  • KookAMunga
  • WonderBox
  • One Earth
  • Wild Harvest
  • eCotrition
  • NOZTONOZ
  • PETNATION
  • Healthy Hide
  • Digesteeze
  • LitterMaid
Armored AutoGroup
  1. ^"Fiscal year 2011 report". 
  2. ^ ab"Spectrum Brands, Inc". SpectrumBrands.com. Specturm Brands. Retrieved April 28, 2014. 
  3. ^ abcJustin Rubner (August 18, 2006). "Spectrum CEO: Company could sell Rayovac". Atlanta Business Chronicle. Archived from the original on June 10, 2016. Retrieved January 12, 2010. 
  4. ^ abShivdas, Sanjana (January 16, 2018). "Energizer adds Rayovac batteries to lineup with $2 billion deal". Reuters. Retrieved February 28, 2018. 
  5. ^ ab"Spectrum Brands to merge with top shareholder HRG in $10 billion deal". Reuters. February 26, 2018. Retrieved February 28, 2018. 
  6. ^Levitan, Stuart D. (2006). Madison: 1856-1931. University of Wisconsin Press. p. 201. ISBN 0-299-21674-8. 
  7. ^Rayovac company history timelineArchived June 3, 2013, at the Wayback Machine.
  8. ^"Rayovac Buys United Industries in $476M Deal". Fox News. Associated Press. January 4, 2005. Retrieved January 12, 2010. 
  9. ^"Rayovac to Acquire Microlite S.A." (Press release). Spectrum Brands. 2006-02-25. Retrieved 2010-06-08. 
  10. ^"Spectrum Brands files for bankruptcy". msnbc.com. Associated Press. Retrieved January 11, 2010. 
  11. ^Keating, Gina; Carol Bishopric (2009-08-28). "UPDATE 1-Spectrum Brands exits bankruptcy". Reuters.com. Thomson Reuters. Retrieved 2014-01-12. 
  12. ^"HRG Group, Inc. Announces Armored AutoGroup Acquisition By Spectrum Brands". Prnewswire. 2015-04-28. Retrieved 2016-04-04. 
  13. ^Redman, Russell (February 26, 2018). "Spectrum Brands, HRG Group to merge in $10 billion deal". Chain Drug Review. Retrieved February 28, 2018. 
  14. ^Rayovac website

0 Thoughts to “Case Study Spectrum Brands Hhi

Leave a comment

L'indirizzo email non verrà pubblicato. I campi obbligatori sono contrassegnati *