MARYSVILLE, Ohio – The Scotts Co. has changed its name to The Scotts Miracle-Gro Co. to raise the visibility of its key brand names and to more easily explain its business mission, the company announced Monday.
"The Miracle-Gro name is one of the best known consumer brands in the world and is synonymous with gardening," says Jim Hagedorn, chairman and chief executive officer. "By combining the Scotts and Miracle-Gro, names we are more clearly defining ourselves as a branded consumer products company to investors and others who may not be as familiar with our industry."
The name change was approved in January by shareholders, along with the creation of a new holding company structure, which also became effective today. That structure now gives Scotts Miracle-Gro more flexibility to grow in future years and provides better legal protection to the company’s businesses and brands. As part of the restructuring, publicly owned Scotts Miracle-Gro will be designated as the parent company of Scotts.
From an operational perspective, The Scotts Co. will continue to conduct business with its suppliers, retailers and consumers. However, corporate matters – including finance, legal, strategic planning and outreach to the financial community, the media and community organizations – will be conducted by Scotts Miracle-Gro.
Shareholders of The Scotts Co. were granted an equal number of shares in the new ScottsMiracle-Gro. The company's ticker symbol, SMG, is unchanged. There were no other material issues related to the changes that affect shareholders.
To celebrate both the name change and the start of spring, Hagedorn is scheduled to ring the closing bell today at The New York Stock Exchange. Additionally, to promote the benefits of green spaces to communities and the environment, the company today began construction of a series of community gardens it will build in cities across the country as part of its partnership with Keep America Beautiful.
The first garden is being built in Orlando, Fla. Others will be built throughout the spring in Atlanta, Ga.; Norfolk, Va.; Long Island, N.Y. and Columbus, Ohio.
"There is no better time than the start of spring to adopt this name change and to remind people about the ways that healthy lawns and beautiful gardens impact our lives every day," Hagedorn says. "We have said for years that we believe there is no better business to be in than ours. As we enter the peak of another growing season, that statement has never been more true."
Lawn & Landscape Associate Editor Jonathan Katz contributed to this report.