Rayovac Corp. (Madison, WI) announced that it will change its corporate name to Spectrum Brands Inc., subject to shareholder approval in April. The new name better reflects the company's growth strategy of expanding its portfolio of world-class consumer product brands in a broad array of growth categories. The company's branded products will continue to be marketed to retailers and consumers under their current names, including Rayovac and Varta batteries.
"In the 100 years of our company's existence, Rayovac has evolved from a US-based battery manufacturer to a global diversified consumer products company with a robust portfolio of brands across seven product categories," said Rayovac Chairman and Chief Executive Officer David Jones. "Our plans are to continue to grow our product portfolio through the inclusion of additional brands in the future. The name 'Spectrum Brands' more clearly describes who we are today, and is indicative of our growth strategy and commitment to new brands going forward."
The proposal to change the corporate name to Spectrum Brands Inc. will be put before shareholders at the company's annual meeting currently scheduled for late April. Shareholders will be notified of the proposal through the company's proxy statement. Once the name change is effected, Spectrum Brands Inc. will trade on the NYSE under the symbol "SPC."
