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Spectrum Brands Holdings Inc (NYSE: SPB) is trading higher Wednesday after the company announced a definitive agreement to sell its hardware and home improvement segment for $4.3 billion in cash.
Spectrum Brands said the transaction will further strengthen its balance sheet and simplify its business around three attractive business units, consisting of global pet care, home and garden and home and personal care.
"We believe this transaction demonstrates the tremendous value of Spectrum Brands as an owner and steward of our businesses and places the Company in a strong position for the future by allowing us to further reduce our leverage levels, and enhance our capital allocation strategy," said David Maura, CEO of Spectrum Brands.
Spectrum Brands is a consumer products company that supplies consumer batteries, residential locksets, residential builders' hardware, plumbing and personal care products.
SPB Price Action: Spectrum Brands made a new 52-week high in trading this morning.
The stock was up 17.20% at $92.59 at time of publication.
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