13981 Mon, 03/10/2008 - 11:31am
ATLANTA—Spectrum Brands, the parent company of the Remington brand of grooming products, has engaged financial advisors to help the company explore options including the possible sale of some of its assets.
In a filing with the U.S. Securities and Exchange Commission, the company said it is looking at these options “in order to sharpen its focus on strategic growth businesses, reduce its outstanding indebtedness and maximize long-term shareholder value.” The filing didn’t mention which specific holdings the company is considering for divestiture, but did say that Spectrum Brands had entered into a confidentiality and standstill agreement with Harbinger Capital Partners Master Fund to provide Harbinger with confidential information about certain Spectrum Brands assets, so that Harbinger could evaluate a possible acquisition of those assets. Harbinger is the investment-management firm that put together the merger between Salton and Applica, which was finalized at the beginning of this year.
For its 2007 fiscal year, which ended last Sept. 30, Spectrum Brands posted a net loss of $596.7 million, on sales of nearly $2 billion. The company reported a net loss of $434 million for fiscal 2006.