Spectrum Brands' Shares Begin Trading on NYSE
Posted on March 18, 2010 by
ATLANTA-Spectrum Brands is listing its shares on the New York Stock Exchange beginning today.
The stock will trade under the symbol SPB. The shares had been trading on the OTC Bulletin Board since September 2009, after Spectrum had finished a financial restructuring. Spectrum is the parent company of the Remington brand of personal-care products, and recently entered into an agreement to merge with Russell Hobbs, the housewares manufacturer formerly known as Salton Inc.
In a statement, Kent Hussey, Spectrum's chief executive officer, said the company's operational and financial initiatives have improved its profitability and cash flow. The Russell Hobbs merger, which is slated to be closed during the coming summer, will result in a global consumer-products company with an estimated $3 billion in annual revenues, the statement said.