Spectrum Brands will use proceeds from asset sale to repay debt

Chicago, Sept. 8 – Spectrum Brands Holdings, Inc. announced that it will use the expected $3.5 billion of proceeds it receives from the sale of its hardware and home improvement segment to ASSA Abloy for debt repayment, according to a press release.

The company aims to reduce its gross leverage ratio to around 2.5x in the near term.

Excess proceeds will be allocated for organic growth, to fund complementary acquisitions and to return capital to shareholders.

The operations of the segment will be reported as discontinued operations in the fourth quarter of 2021.

The consumer products and home essentials company is based in Middleton, Wis.

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