Spectrum Brands adds British appliance maker to its portfolio
Atlanta-based global branded consumer products company Spectrum Brands has added UK-based small cooking and baking appliances maker Russell Hobbs to its portfolio.
Spectrum Brands and Russell Hobbs have signed a definitive agreement to bring Russell Hobbs' network of well-known small appliance brands into Spectrum's operating structure to form a new global consumer products company with an estimated $3 billion in annual revenues, a strong balance sheet, and a diverse portfolio of market-leading brands.
The combination is expected to create a global consumer products company with a new home appliance business unit featuring a variety of well-known consumer brands, including George Foreman, Russell Hobbs, Black & Decker, Toastmaster and LitterMaid.
Following the closing of the transaction, the combined company, operating under the Spectrum Brands name, will continue to be managed by Spectrum's current senior management team, with the addition of Terry Polistina, current CEO of Russell Hobbs, to lead a fourth reporting segment made up of the existing Russell Hobbs' portfolio of home appliance brands.
Spectrum's current reporting segments, Global Batteries and Personal Care, Global Pet Supplies and Home and Garden will remain autonomous and continue their focus on achieving profitable growth under their current management structures.
