Spectrum Brands is exploring “strategic options” for its Global Batteries & Appliances division with the intention to sell the business unit during 2018.
The appliance side includes brands such as George Foreman, Black & Decker, Russell Hobbs, Juiceman and Remington. Company officials said they have received “multiple inquiries and offers” from prospective buyers and are in active discussions with several.
For the fiscal year ended September 30, 2017, the Global Batteries & Appliances segment generated net sales of $1.998 billion, with operating income of $231 million and adjusted EBITDA of $317 million. Spectrum Brands reported fiscal 2017 net sales of slightly more than $5 billion, with operating income of $561 million and adjusted EBITDA of $956 million.
“The Global Batteries & Appliances businesses are both strong, well-run divisions with excellent management and dedicated employees, and they have consistently contributed to the long-term success of Spectrum Brands,” said Andreas Rouvé, CEO of Spectrum Brands Holdings. ”Given their attractiveness and upside potential, we believe these businesses can have accelerated success in the hands of new owners.”