Shares in consumer products titan Spectrum Brands Holding Inc (NYSE:SPB) surged nearly 7% in New York as it revealed it was looking to sell off its business unit, which sells batteries and appliances, to streamline its business.
This includes brands such as George Foreman cookware and Rayovac batteries used in hearing aids, as well as Remington (you may well remember the famous ad) grooming products and Black & Decker home appliances.
Spectrum has a market cap of US$6.30bn and said it was mulling strategic options, had received inquiries from prospective buyers and was in talks with many of them.
It said a sale would help it to reduce debt and focus on higher margin brands in its four remaining businesses.
Those are hardware and home improvement, auto care, pet supplies and home and garden.
Earlier today, the firm also said it had developed its most advanced Rayovac battery system to date based on input from both hearing aid wearers and hearing health professionals.
Spectrum Brands Holdings Inc added 7.08% to stand at US$117.11 in New York.