Spectrum Brands Said to Weigh Sale of Hardware and Home Unit
The company is working with a financial adviser to sell the division, said the people, who asked to not be identified because the matter isn’t public.
Representatives for Spectrum Brands didn’t immediately respond to requests for comment.
Reversing earlier losses, Spectrum Brands rose 1.9% to $81.75 at 3 p.m. in New York on Thursday, giving the Middleton, Wisconsin-based company a market value of about $3.5 billion.
Its hardware and home improvement arm sells locks, doorknobs, faucets and other products under brands including Kwikset, Pfister and Fortis, according to its website. The division had net sales of about $1.3 billion in its last fiscal year, according to its most recent annual report, making the unit its largest division by sales.
Spectrum Brands has been refocusing its portfolio via divestitures, announcing the sale this week of Greenleaf Productions.
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