Spectrum Brands mulls sale of George Foreman, Rayovac brands

(Reuters) - Spectrum Brands Holding Inc said on Wednesday it is exploring strategic options, including a sale, for its unit that sells brands such as George Foreman cookware and Rayovac batteries.

The company’s global battery and appliances unit, which also includes Remington grooming products and Black & Decker home appliances, accounted for about 40 percent of overall sales in fiscal year 2017.

The company, which has a market capitalization of $6.30 billion, said it had received inquiries from prospective buyers and was in talks with many of them.

Spectrum said a transaction would help it to reduce debt and focus on higher margin brands in its four remaining businesses - hardware & home improvement, auto care, pet supplies and home & garden.

The Middleton, Wisconsin based company’s shares have fallen 10.6 percent over the last year.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty