Kitchen appliances

Spectrum Brands Completes Acquisition of Kitchen Appliances and Cookware Business of Tristar Products

MIDDLETON, Wisconsin, February 18, 2022–(BUSINESS WIRE)–Spectrum Brands Holdings, Inc. (NYSE: SPB; “Spectrum Brands” or the “Company”), a global leader in branded consumer products and home essentials focused on innovation and providing exceptional customer service, today announced the completion of its previously announced acquisition of the kitchen appliance and cookware categories of Tristar Products, Inc. (“Tristar”).

“We welcome the business and employees of Tristar to our Home and Personal Care (“HPC”) business and are extremely excited about this partnership and the bright future of these two complementary assets.” , said David Maura, president and CEO of Spectrum Brands. “I am even more excited about this strategic combination after joining our HPC Global Leadership and New Product Development, Engineering and Marketing teams by welcoming the Tristar team last week to our Middleton, WI facility. energy, creativity and ideas that we have already generated, reaffirms my confidence that we will create a leading global home appliance and personal care company, separate from Spectrum Brands, with a powerful and innovative portfolio of leading brands, delivering higher margins and faster long-term sustainable growth.”

Credit Suisse Securities, RBC Capital Markets and Canaccord Genuity Sawaya Partners acted as financial advisors, and Sidley Austin LLP and Davis Polk & Wardwell LLP acted as legal advisors to Spectrum Brands in connection with the transaction. Stifel acted as exclusive financial advisor and Venable LLP acted as legal advisor to Tristar Products.

About Spectrum Brands Holdings, Inc.

Spectrum Brands Holdings is a home essentials company with a mission to make life better at home. We are focused on delivering innovative products and solutions to consumers for use in and around the home through our trusted brands. We are a leading supplier of shaving and grooming products, personal care products, small appliances, specialty pet supplies, lawn and garden and home pest control products and personal insect repellents. To help meet the needs of consumers worldwide, Spectrum Brands offers a broad portfolio of market-leading, well-known and widely recognized brands, including Emeril Everyday®, PowerXL®, Copper Chef®, Remington®, George Foreman®, Russell Hobbs®, Black+Decker®, Tetra®, DreamBone®, SmartBones®, Nature’s Miracle®, 8-in-1®, FURminator®, Healthy-Hide®, Good Boy®, Meowee!®, OmegaOne®, OmegaSea® , Spectracide®, Cutter®, Repel®, Hot Shot®, Rejuvenate®, Black Flag® and Liquid Fence®. For more information, please visit www.spectrumbrands.com. Spectrum Brands – A Home Essentials™ Company

Forward-looking statements

Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have attempted, wherever possible, to identify such statements by using words such as “forward-looking.” , “anticipate”, “intend”, “plan”, “believe”, “expect”, “project”, “plan”, “could”, “would”, “should”, “will “, “may” and similar expressions of future intent or the negative of such terms. These statements are based on our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, actual results or results may differ materially from those expressed or implied herein, and you should not place undue reliance on such statements. Important factors that could cause our actual results to differ materially from those expressed or implied herein include, but are not limited to: (1) the ability to complete the announced transaction on the terms anticipated and within the time anticipated, or not at all, which depends on the ability of the parties to satisfy certain closing conditions and our ability to realize the benefits of the transaction; (2) the risk that regulatory approvals necessary to complete the proposed transaction may not be received, may take longer than expected or may impose adverse conditions; (3) our ability to realize the expected benefits of such a transaction and to successfully integrate the business; (4) our ability to establish an independent Global Appliances business on the terms and in the time anticipated, if at all, and to realize the potential benefits of such a venture; (5) our ability to successfully separate the Company’s home care and personal care businesses and realize the expected benefits of such separation terms, and within the expected time frame, or not at all; (6) our discretion to conduct, suspend or discontinue our share buyback program (including our discretion to make purchases, if any, in various ways, including open market purchases or transactions privately negotiated); (7) the impact of the COVID-19 pandemic on our customers, employees, manufacturing facilities, suppliers, capital markets, and our financial condition and results of operations, all of which tend to worsen other risks and uncertainties facing us; (8) the impact of our indebtedness on our business, financial condition and results of operations; (9) the impact of restrictions on our debt obligations on our ability to operate our business, fund our capital needs, or pursue or develop business strategies; (10) any failure to comply with financial covenants and other terms and restrictions of our debt obligations; (11) the effects of general economic conditions, including the impact of and changes in tariffs and trade policies, inflation, recession or fears of recession, depression or fears of depression, labor costs and stock market volatility or monetary or fiscal policies in the countries where we do business; (12) the impact of fluctuations in transportation and shipping costs, raw material prices, raw material costs or availability, or terms and conditions available from suppliers, including suppliers’ willingness to move forward credit; (13) interest rate and currency exchange rate fluctuations; (14) the loss of, significant reduction in, or dependence on sales to any significant retail customer; (15) competitive promotional activity or spending by competitors, or price reductions by competitors; (16) the introduction of new product features or technological developments by competitors and/or the development of new competitors or competing brands; (17) the impact of actions taken by significant shareholders; (18) changes in consumer spending preferences and demand for our products, particularly in light of the COVID-19 pandemic and economic stress; (19) our ability to successfully develop and introduce new products, protect our intellectual property, and avoid infringing the intellectual property of others; (20) our ability to successfully identify, implement, achieve and sustain productivity improvements (including our global productivity improvement program), cost savings (including in our manufacturing and distribution) and savings; (21) the seasonal nature of sales of some of our products; (22) the effects of climate change and unusual weather activity, as well as other natural disasters and pandemics; (23) the cost and effect of unforeseen legal, tax or regulatory proceedings or new laws or regulations (including environmental, public health and consumer protection regulations); (24) public perception regarding the safety of products we manufacture and sell, including the potential for environmental liability, product liability claims, litigation and other claims related to products manufactured by us and third parties; (25) the impact of existing, pending or impending litigation, government regulations or other operating requirements or standards applicable to our business; (26) the impact of cybersecurity breaches or our actual or perceived inability to protect company data and personal data, including our inability to comply with new and increasingly complex global data privacy regulations ; (27) changes in accounting policies applicable to our business; (28) our ability to use net operating losses carried forward to offset tax liabilities against future taxable income; (29) the impact of expenditures resulting from the implementation of new business strategies, divestitures or pending and proposed restructuring activities; (30) our ability to successfully implement further acquisitions or divestitures and the impact of such transactions on our financial performance; (31) the unanticipated loss of key senior management and the transition of new members of our management teams to their new roles; (32) the impact of economic, social, and political conditions or civil unrest in the United States and other countries; (33) the effects of political or economic conditions, terrorist attacks, acts of war, including any potential conflict in Ukraine, natural disasters, public health issues or other disturbances in international markets; (34) our ability to meet our environmental, social and governance practice objectives; (35) our increased reliance on third party partners, suppliers and distributors to achieve our business objectives; (36) the ability to complete the announced divestiture of Hardware and Home Improvement (“HHI”) as expected and within the expected time frame, or not at all; (37) the risk that regulatory approvals required to complete the proposed divestiture of HHI will not be completed, take longer than expected or impose adverse conditions; and (38) other risk factors set forth in securities filings of Spectrum Brands Holdings, Inc. and SB/RH Holdings, LLC, including our Fiscal Year 2021 Annual Report and subsequent quarterly reports on form 10-Q.

Certain of the above factors are described in more detail in the sections entitled “Risk Factors” of our annual and quarterly reports, as applicable. You should assume that the information in this press release is accurate only as of the date hereof, or as otherwise specified, as our business, financial condition, results of operations and outlook may have changed since such date. . Except as required by applicable law, including United States securities laws and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to update or revise publicly release any forward-looking statements, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

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contacts

Investor/media contact:
Jeremy Smeltser
608-275-4917