ATLANTA, Ga. – Rayovac Corp. announced today that it will change its corporate name to Spectrum Brands, pending shareholder approval in April. The company chose the new name to convey its expansion into new markets, including the lawn care industry, which occurred with the company's acquisition of United Industries in January. United Industries operated under the name Spectrum Brands in the United States, and as NuGro in Canada.
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"In the 100 years of our company's existence, Rayovac has evolved from a U.S.-based battery manufacturer to a global diversified consumer products company with a robust portfolio of brands across seven product categories," says David Jones, Rayovac's chairman and chief executive officer. “Our plans are to continue to grow our product portfolio through the inclusion of additional brands in the future. The name Spectrum Brands more clearly describes who we are today, and is indicative of our growth strategy and commitment to new brands going forward."
The company emphasized that it will continue to market its branded products under their current names, including lawn and garden products Spectracide, Vigoro, Sta-Green, Schultz and C.I.L.
Shareholders will be asked to approve the company’s name change at its annual meeting currently scheduled for late April. Shareholders will be notified of the proposal through the company's proxy statement. Once the name change is effected, Spectrum Brands will trade on the NYSE under the symbol SPC.