By Dave Sebastian
Spectrum Brands Holdings Inc. said it has agreed to sell its hardware and home improvement segment for $4.3 billion in cash to door-security company Assa Abloy AB.
With the sale, Spectrum Brands said it is moving to become more focused on consumer staples. The company on Wednesday said proceeds from the sale will help it repay debt and cut its gross leverage ratio to about 2.5 times in the near term.
Spectrum Brands said it expects to spend excess proceeds on investing for growth, funding acquisitions and returning capital to shareholders.
The results of the segment to be sold will be reported as discontinued operations starting the fourth quarter, the company said.
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(END) Dow Jones Newswires