Spectrum Brands Holdings has finalized the sale of its Global Battery and Lighting business to Energizer Holdings for $2 billion in cash.
David Maura, executive chairman and CEO of Spectrum, said following the closure of the deal with Energizer, which took nearly a year, the company is moving forward focused on several priorities that include its small appliance division.
“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,” he said.
At the start of 2018, Spectrum announced that it would look to sell its appliances division, which includes brands such as Black + Decker and George Foreman. However, no sale was completed.
As a result, the appliance division was reclassified as continuing operations effective the first quarter of its fiscal year 2019, ending December 31, 2018.