Spectrum Brands to sell auto care business
Middleton-based Spectrum Brands Holdings announced that it has signed a definitive agreement to sell its Global Auto Care (GAC) business to Energizer Holdings Inc. for $1.25 billion — $937.5 million in cash and $312.5 million in equity — according to a release.
Spectrum’s auto care business includes Armor All cleaning products and STP motor oil. The transaction is expected to close in 2019. This transaction is in addition to a previously announced sale of Spectrum’s Global Battery and Lighting Business for $200 million to Energizer. That purchase price is being amended.
Whether or not this latest transaction will affect jobs in the Madison area remains unknown at this time.