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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
October 17, 2007
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(Date of earliest event reported)
SPECTRUM BRANDS, INC.
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(Exact Name of Registrant as Specified in Charter)
Wisconsin 001-13615 22-2423556
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(State or other Jurisdiction of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
Six Concourse Parkway, Suite 3300, Atlanta, Georgia 30328
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(Address of principal executive offices, including zip code)
(770) 829-6200
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS
On October 17, 2007, Spectrum Brands, Inc. announced that it is
postponing its previously announced strategic asset sale process due to recent
challenging conditions in the credit markets. A copy of the press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
99.1 Press Release dated October 17, 2007 issued by Spectrum Brands, Inc.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 17, 2007 SPECTRUM BRANDS, INC.
By: /s/ Anthony L. Genito
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Name: Anthony L. Genito
Title: Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Description
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99.1 Press Release dated October 17, 2007 issued by Spectrum Brands, Inc.
EXHIBIT 99.1
Spectrum Brands Announces Postponement of Strategic Asset Sale
ATLANTA--(BUSINESS WIRE)--Oct. 17, 2007--Spectrum Brands, Inc.
(NYSE:SPC) announced today that it is postponing its previously
announced strategic asset sale process due to recent challenging
conditions in the credit markets. Spectrum Brands Chief Executive
Officer Kent Hussey said, "We are still committed to reducing
outstanding indebtedness and leverage through the sale of assets. We
believe that postponing the auction process until such time as the
credit markets improve will allow us to achieve a full and fair
valuation of these assets."
On October 1, 2007, Spectrum Brands put in place a $225 million
asset-based revolving credit facility. The company reiterated that
this facility, which was undrawn at September 30, 2007, provides
sufficient liquidity to operate its business on an ongoing basis.
Forward Looking Statements
Certain matters discussed in this news release, with the exception
of historical matters, may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are subject to a number of risks and uncertainties that
could cause results to differ materially from those anticipated as of
the date of this release. Actual results may differ materially from
these statements as a result of (1) changes in external competitive
market factors, such as introduction of new product features or
technological developments, development of new competitors or
competitive brands or competitive promotional activity or spending,
(2) changes in consumer demand for the various types of products
Spectrum Brands offers, (3) changes in the general economic conditions
where Spectrum Brands does business, such as interest rates, currency
exchange rates, inflation, consumer spending and raw material costs,
(4) the company's ability to successfully implement manufacturing,
distribution and other cost efficiencies, and various other factors,
including those discussed herein and those set forth in Spectrum
Brands' securities filings, including the most recently filed Annual
Report on Form 10-K and Quarterly Report on Form 10-Q.
About Spectrum Brands, Inc.
Spectrum Brands is a global consumer products company and a
leading supplier of batteries, portable lighting, lawn and garden
products, household insect control, shaving and grooming products,
personal care products and specialty pet supplies. Spectrum Brands'
products are sold by the world's top 25 retailers and are available in
more than one million stores in 120 countries around the world.
Headquartered in Atlanta, Georgia, Spectrum Brands generated net sales
of $2.5 billion in fiscal 2006 and has approximately 7,500 employees
worldwide. The company's stock trades on the New York Stock Exchange
under the symbol SPC.
CONTACT: Spectrum Brands
Investor Contact:
Nancy O'Donnell, 770-829-6208 (VP Investor Relations)
or
Sard Verbinnen & Co for Spectrum Brands
Media Contact:
Victoria Hofstad or Jamie Tully, 212-687-8080