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Why Spectrum Brands Stock Was Up Today

·2 min read
Why Spectrum Brands Stock Was Up Today
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Shares of Spectrum Brands Holdings (NYSE: SPB) traded up 17.8% on Wednesday after the company announced plans to sell its hardware and home improvement assets in a deal worth $4.3 billion. On Wednesday morning, Spectrum announced an agreement to sell brands including Kwikset locks to Assa Abloy (OTC: ASAZY) of Sweden. Spectrum said it expects net proceeds of $3.5 billion from the deal, after taxes, which will be used to pay down its debt.