Spectrum Brands said Tuesday it is buying Armored AutoGroup, the maker of Armour All and STP car care products, in a deal it's valuing at $1.4 billion.
With the acquisition, Spectrum Brands will get Armour All's protectants, tire and wheel care products, and air fresheners, as well as STP's fuel additives, and A/C Pro air conditioner recharge products.
It is buying Armored, which has about $440 million in annual sales, from the private equity firm Avista Capital Partners. Spectrum Brands said the deal price includes assumed debt and it will pay for it with a combination of new debt and $500 million of its stock. It expects to complete the acquisition by June 30.
Spectrum Brands owns Kwikset locks, George Forman grills, Black & Decker power tools and home improvement products, Rayovac batteries and Farberware cookware.
The Middleton, Wisconsin-based company reported $4.43 billion in sales in its last fiscal year. It recently bought the European operations of the Iams and Eukanuba pet care brands, and acquired dog treat maker Salix Animal Health in a separate deal.
Shares of Spectrum Brands Holdings Inc. rose 49 cents to $88.08 Tuesday, but they are down almost 8 per cent in 2015. The stock fell 71 cents to $87.37 in aftermarket trading.
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