A Strategic Analysis

TABLE OF CONTENTS
INTRODUCTION 1
WORLD MARKET 1
CORPORATE HISTORY 1
GROWTH STRATEGY 2
SPECTRUM AND UNITED INDUSTRIES 2
GROWTH STRATEGY 2
SPECTRUM BRANDS 3
MANAGEMENT 3
STRATEGY 3
RELATED DIVERSIFICATION 3
UNRELATED DIVERSIFICATION 4
MARKETING 5
MANUFACTURING, RAW MATERIALS, DISTRIBUTION, AND SUPPLIERS 10
CONSOLIDATION EFFORTS 10
RAW MATERIALS 11
DISTRIBUTION AND SUPPLIERS 12
SPECTRUM BRANDS FINANCES 12
SALES 12
INCOME 13
PROFITABILITY RATIOS 13
LIQUIDITY RATIOS 14
LEVERAGE RATIOS 15
ACTIVITY RATIO 16
SHARE PRICE 17
RECOMMENDATIONS 18
REFERENCES 19

INTRODUCTION
Spectrum Brands (SPC) is a global branded consumer products company with seven major product lines including Rayovac consumer batteries, Tetra pet supplies, Remington electric shaving, grooming and personal care products, VARTA portable lighting, Vigoro lawn care, Sta-Green lawn and garden, Repel, Hot Shot, and Spectracide household insect control. After acquiring United Industries from Thomas H. Lee (THL) the Boston based private equity firm in 2005, Rayovac (ROV) changed its name to Spectrum Brands and started trading on the New York Stock Exchange (NYSE) as “SPC”.
World Market
The worldwide market sector in which Spectrum competes is estimated to be US$300 billion1. The worldwide market for batteries alone is estimated at US$50 Billion2. Worldwide dog and cat food sales stood at US$45.12 billion, a 4.9% increase over the previous year3. The market for grooming consumer product is about 16 billion4. Spectrum also competes in the $8 billion 5 consumer lawn and garden market.
Corporate History
Rayovac Corporation is the third leading U.S. manufacturer of alkaline storage batteries and the market leader in other battery categories such as hearing aids, computer backup, heavy duty, lantern, and keyless entry. Rayovac's roots reach back to 1906, when entrepreneurs James B. Ramsay, P.W. Strong, and Alfred Landau joined forces to create the French Battery Company6. They also manufacture flashlights and other miscellaneous items. The company has played a leadership role in the U.S. battery industry since the early 1900s. During early 1990’s Rayovac lagged behind competitors like Duracell and Energizer due to aggressive advertising and marketing campaigns by the competitors. In 1996 Thomas H. Lee Group bought the company for US$200 Million7 and reorganized the management to become again, a dominant market player. THL group took Rayovac (ROV) public in 1997 under the turnaround Chief Executive Officer (CEO) David A Jones and THL kept a 25% stake in the new company8. In the same year under Jones’ leadership Rayovac launched its “Maximum Alkaline” line of batteries. At that time alkaline batteries accounted for $2.5 billion of a $4.6 billion dollar U.S. battery market. Maximum was Jones’ value-based alternative answer to the premium-priced Duracell and Energizer batteries. Rayovac sold them at 10 to 15 percent less while offering the same performance 9.
Growth Strategy
Rayovac implemented a merger and acquisition (M&A) strategy to grow the business internationally. Businesses included in the M&A strategy include the 2002 acquisition of European-based battery maker VARTA’s consumer battery business, the 2004 acquisition of 85% share in Ningbo Baowang, a Chinese battery manufacturing facility to lower production cost, and Microlite S.A., a Brazilian battery manufacturer to extend its operations into South America. In a mixed mode diversification attempt in 2003, Rayovac acquired Remington Products Company, LLC10.
Spectrum and United Industries
United Industries Corporation (United) started in the 1960’s and was a St. Louis, Missouri-based company operating under three divisions: (1) The Spectrum Brands, the Home and Garden division offering insecticide lawn and garden fertilizer products, (2) Company’s Canadian division Nu-Gro offered a variety of home and garden products, including fertilizers and controlled nitrogen release products, (3) United Pet Group, United Industries' pet division, offering a wide range of pet supplies for cats, dogs, birds, fish, and small animals. In 1998 the Thomas H. Lee (THL) company became the majority owner of United with 84.3 percent stake in the business at a cost of US$660 million dollars11.
Growth Strategy
United also grow its business using the same merger and acquisition strategies as Rayova. In 2002, United Industries acquired Schultz Co., maker of consumer garden fertilizers, plant food and potting soils sold under the Garden Safe brand, at a cost of $58 million in cash and stock. Later in 2002, United Industries paid $19.5 million in cash to acquire WPC Brands an insect repellent and outdoor health and safety products manufacturer thus becoming the second largest personal insect repellent brand behind S.C. Johnson, which controls about half of the market. The next acquisition was in 2004 with the $143.8 million purchase of Nu-Gro Corporation of Canada. United Industries was dependent on three major retailers. Lowe's, Home Depot, and Wal-Mart accounted for 71 percent of the company revenues. To reduce the risk and dependency, in 2004 United acquired United Pet Group Inc. for $360 million, a pet supplies company with annual sales of $250 million12.
SPECTRUM Brands
In 2005, Rayovac which spun off from THL, acquired United Industries from THL for 1.2 Billion dollars13. The $1.2 billion deal was financed with $406 million in stock, $70 million in cash and assumed a debt of $880 million from United Industries. In 2005, Rayovac changed its name to Spectrum Brands and started trading on NYSE as “SPC”14.
MANAGEMENT
Spectrum reorganized its management team in 2007. In doing so it eliminated one of the four operating segment structures in order to streamline the management into the following three segments: Global Batteries and Personal Care, Home & Garden and Global Pet Supplies. This move helped them to reduce costs and staff.
STRATEGY
Related Diversification
Rayovac’s early growth and success were due mainly to two well-defined strategies. First, Rayovac’s strategy was to compete on price. Rayovac priced their alkaline batteries below Duracell and Energizer to gain market share. Rayovac also made significant partnerships with low-cost box merchandisers such as Wal-Mart, Lowes, and BJ’s Warehouses, to distribute its products. Under the Jones’ leadership, Rayovac batteries distribution list reached over 100,000 stores in North America and it tripled its distribution points in just four years15.

The second growth strategy employed by Rayovac management team early on was mergers and acquisitions into related businesses, and the year after year growth proved that it was a successful strategy. To overcome the saturated US market later in 1997, Rayovac acquired BRISCO GMBH in Germany and BRISCO B.V. in Holland, assemblers and distributors of hearing aid batteries in Europe. The acquisition of VARTA Limited allowed Rayovac to extend its presence from Europe into Mexico, Latin America, and other South America countries. Varta battery products are sold in more than 200,000 retail locations in Europe. Varta holds over 40% of the consumer battery market and is the top selling brand in Austria, Finland, Croatia and Slovenia16. In Latin America Varta products are sold in more than 100,000 stores. By acquiring Direct Power Plus in 1998, Rayovac entered into the rechargeable battery market for cellular phone and video camcorders. In 2001 Rayovac introduced the first one-hour, Nickel Metal Hydride battery charger for the batteries used by such high-drain devices as digital cameras.
Unrelated Diversification
Both Rayovac and United Industries merged to diversify their product lines, thereby reducing the seasonality of their business. Rayovac's sale of batteries and personal care products are strongest during fall and holiday months. United generated the bulk of its revenues in the spring. Rayovac offered United Industries access to more capital. Rayovac also operates a more mature distribution system that reaches 120 countries. Spectrum’s combinted strategy was to leverage fully on the distribution, manufacturing, sales and marketing, and administrative organizations, raising its profile with suppliers and customers, and generating increased operating efficiencies.

Spectrum’s strategy was also about acquiring strong brands in growth categories, then deploying the global technology, supply chain and marketing platforms to expand distribution and grow market share. These acquisitions gave Spectrum an immediate platform to diversifying not only in consumer products but also to the lawn and garden, household insect control and specialty pet supply categories. Rayovac and United Industries had significant partnerships with low-cost mass merchandisers like Wal-Mart, Lowes, and BJ’s Warehouses to distribute its products.
MARKETING
Marketing and promotional activities are primarily focused on retail customers, including arrangements entitling such retailers to cash rebates from Spectrum, based on the level of their purchases. This enables the company to estimate, accrue and track the estimated costs of the promotional programs. These costs are then reduced from the net sales. Spectrum also enters into promotional arrangements that target the ultimate consumer. For all types of promotional arrangements and programs Spectrum measures the effectiveness of the campaign using statistical measures and past experience to determine the amounts to be recorded for the estimate of the earned, but unpaid, promotional costs. With numerous marketing initiatives in the recent months Spectrum entered into an exclusive three-year license deal with the Walt Disney Company 17. Rayovac will be the exclusive battery sold in all Disney parks and resorts, and thereby gains the right to use Disney characters on packaging and in advertising, merchandising and promotions.

When Spectrum considerably reduced the budget for promotional and marketing activities from $6.8 million in 2005 to 3.2 million in 2007 the rivals increased the marketing and promotional budget. Energizer Holdings Inc increased their advertising and promotion (A&P) in 2007 from $ 236.8 million to $ 294.9 million18.

With a significantly small advertising and promotional budget for the entire organization it is highly unlikely that Spectrum can win the marketing game against the “Energizer bunny” or the “Copper Top” in batteries, the Hartz Mountain Corporation and Central Garden & Pet Company in the pet food market, the Scotts Miracle-Gro Company’s AMDRO, Sevin and Pennington Seed Bayer A.G. in the lawn and garden products market. Even with a significant reduction in the advertising marketing and promotional activities the net sales have increased from $1,995 Million to $1,895 million in 2007, a 5.3% growth19. Therefore, the value of A&P for Spectrum may not be realized until it’s too late.

SWOT
Strengths
Spectrum’s strength is in its various brand names, product innovation and research and development, its global presence, distribution network and low cost manufacturing facilities in Latin America and China.

Weaknesses
Spectrum’s weak financial performance is a major concern for the very existence of the company. Budget cuts in research and development, marketing, advertisement and promotions are eroding it sales. The low cost strategy is not working in the battery industry. Most of the battery business is depended on three big box retailer especially Wal-Mart.

Opportunities
By filing for bankruptcy and negotiating deals with the creditors there is a great opportunity for restructuring and cutting down the debt currently exists. By restructuring Spectrum can get back to its core competencies in battery manufacturing, personal care products and pet food business.

Threats
The major threats to the business are the declining economy, rival marketing, promotional tactics and debt. The inefficiency of the management to generate income is hurting the bottom line. The core competency Battery manufacturing is threatened by major rivals such as Duracell and Energizer and by local manufactures and OEMs. In the field of rechargeable batteries market a number of technological advances have happened in the past few years and other market leaders are promoting their products, with few dollars in marketing and R&D it will be difficult for Spectrum to compete in this market in the future.

The home and pest defense is threatened by product innovations by SC Johnson, P & G etc. The pet food and related product market is threatened by majors. The niche market of hearing aid battery manufacturing is threatened not only by major multinationals like P & G but also by hearing aid manufactures like Siemens, Beltone are manufacturing their own brand batteries and other are likely to follow.

Porters Five Forces
Suppliers: Spectrums suppliers include multinational corporations who control the world metal and chemical market, the manufacturing, assembling, labeling, packaging and distribution partners and channels. Another major contributor to this segment is the regulatory bodies like EPA in USA. A high concentration of material and chemical providers makes supplier power fairly low but the fluctuating price of metals has major impact on Spectrum. EPA do have power over production facilities etc but the trend towards more environmentally sound practices and products has decreased their power.

Customers
The end customer has a little or no power of price. In most cases the consumer are very brand loyal one or two and although price is important. The relative cost of batteries also decreases consumer power because batteries are an inexpensive purchase. The lack of viable substitutes also decreases power. The consumer who have some power are the OEMs and big box retailers like Wal-Mart because of their purchasing power and have a number of brands to choose from. There is a grater risk and threat of backward integration by OEMs such as Panasonic and Sony to develop and market a private-label battery.

Rivalry
There are a large number of multinational corporations playing in the same field as Spectrum is operating, battery manufacturers makes rivalry fairly high. The lack of industry leader in the pet food market also tends to increase the rivalry high between local brands and Spectrum brand pet foods. The high cost of capital to get into the business and the high switching costs also contribute to the rivalry. Rivalry in the advertising of the leading brands and price wars are common in the market place.
The personal care and grooming industry rivalry is high and the dominant players are Proctor and Gamble and Philips.

Barrier to Entry
The barriers to entry in this industry are fairly high due to the cost of the plant and equipments, supply chain, industry leaders and the low margins. The threat of retaliation is huge and a very large advertising budget is necessary to compete with large competitors.

Substitutes
Spectrum faces a major challenge due to the availability of substitutes in every segment they compete. In the battery market the substitute products are from Duracell, Energizer or Panasonic other companies with low cost batteries from OEMs.

Global Pet Supplies business comprises aquatics equipment, aquatics consumables and specialty pet food products. The pet supply market is extremely fragmented, with no competitor holding a market share greater than 20% 25. The major substitutes are from Nestlé Purina pet care products and Procter & Gamble pet care products.

In the consumer products the shaving and grooming and personal care products the substitutes are from Procter & Gamble’s Braun and Philips Norelco.

In the Home and Garden Business that manufactures and markets lawn and garden care products the substitutes are products from local home and garden shops as well from the Scotts Miracle-Gro Company and Central Garden & Pet Company and S.C. Johnson & Son, Inc.

Competition
Spectrum compete five major product categories consumer batteries; pet supplies; electric shaving and grooming; electric personal care products; and portable lighting. Spectrum competes in the discontinued operations of the lawn and garden and household insect control categories.

Duracell and Energizer enjoy about 29% and 25% market share respectively they are the two best-marketed brands in the U.S. 26. Duracell backed by the power house Proctor and Gamble, has a 45% market share in the global alkaline battery business 27.

Worldwide dog and cat food sales stood at US$45.12 billion, a 4.9% increase over the previous year 28. The US Pet Food Industry is currently valued at approximately $14 billion and projected to reach $17 billion by 2008. According to Nora Ganim Barnes of University of Massachusetts Dartmouth American pet owners spent nearly $30 billion for their pets 29. It is highly concentrated with seven companies accounting for 86% of the total market. Nestle alone has a 30% market share. And according to petfoodindustry.com Tetra is not among the first 10 major players in the world market.

Proctor and Gambles Gillette have a 70% market share in razors and blades with a 37% profit margin and Philips Norelco also plays a major role in the world personal care products. Other major competitors in the electric personal care market are Conair Corporation, Wahl Clipper Corporation and Helen of Troy Limited 30.

The Rayovac and VARTA brands offer a broad line of flashlights, lanterns and other battery-powered lighting products distributed to retail and industrial markets around the world. The primary competitors in the portable lighting category are Energizer Holdings, Inc. and Mag Instrument, Inc.

In the $8 billion consumer lawn and garden market31 , the Scotts Miracle-Gro Company and Central Garden & Pet Company and S.C. Johnson & Son, Inc are the major competitors.
MANUFACTURING, RAW MATERIALS, DISTRIBUTION, AND SUPPLIERS
Seasonal sales of certain products cause working capital requirements to fluctuate. The economic conditions compound to the affect. Sales of battery, electric shaving and grooming and electric personal care products occur the December holiday season where as a large percentage of sales for lawn and garden and household insect control products occur during the spring and summer. Also orders from retailers making late orders during peak season makes production forecast schedules and inventory purchases difficult.

According to 2006 Spectrum Brands annual report, Headquartered in Atlanta, Georgia with the primary research and development facility in Madison, Wisconsin, Spectrum brands had 20 Manufacturing, Packaging and Distribution and Warehouse Facilities around United States in 200620. In Latin America Spectrum had 4 manufacturing and distribution centers, in Europe 5 and in China one. Spectrum also operates or contracts with third parties to manufacture components and operate distribution centers, sales offices and administrative offices throughout the world.
Consolidation efforts
Spectrum Brands manages business in three vertically integrated segments, the battery industry, home and garden and pet food and supply products. Spectrum operates two alkaline battery plants one in Wisconsin USA and one in Dischingen, Germany. Spectrum operates a zinc carbon/alkaline battery plant in Ninghai China with a production capacity of one billion batteries and is one of the most modern plants in the industry. It also operates battery and shaver component plants in Latin America. The lawn and garden group have four combined production distribution centers in US. It also shares three distribution warehouses with all brands in US. The pet supply group has five production facilities in USA and one in Germany. The shaving and grooming care products are manufactured by third party suppliers in Asia pacific region. During the past five years a number of facilities have been closed due to excess capacity and to reduce cost. The company has also engaged in a number of cost reduction initiatives. The “Global Realignment initiatives”, including a headcount reduction at the corporate and operating segment levels; the “Latin America Initiatives” include the reduction of certain manufacturing operations in Brazil and the restructuring of management, sales, marketing and support functions to reduce operating costs. These initiatives include the reduction of certain operations at the Germany packaging center and relocating those operations Germany battery plant, transferring private label battery production at our Dischingen, Germany battery plant to our manufacturing facility in China and restructuring the sales, marketing and support functions. As the result of reduction the headcount in Europe was reduced by 24%, Latin America by 18% 21.

In the US Remington’s North American operations were integrated into Spectrum’s existing business structure. Remington’s European operations were consolidated into Spectrum’s European business segment. Remington’s and Spectrum’s North American and European distribution facilities were consolidated. Spectrum’s and Remington’s research and development functions were merged into a single corporate research facility in Madison, Wisconsin. Remington’s manufacturing operations in Bridgeport, Connecticut were consolidated into Spectrum’s manufacturing facility in Portage, Wisconsin. All operations at Remington’s United Kingdom and United States Service Centers were discontinued. Some of these consolidation activities created synergy 22.
Raw Materials
The principal raw materials used in manufacturing battery products are zinc powder, urea, electrolytic manganese dioxide powder and steel. The company is exposed to commodity price risk. The raw materials prices are highly susceptible to global supply and demand, energy and transportation cost. The price of zinc, one of the major components in battery manufacturing, has increased approximately 300% from 2004 to 2007 23 which negatively contributed to the bottom line of Spectrum and other brands. To mitigate the risk of price fluctuation spectrum regularly engage in forward purchase and hedging of raw materials.
Distribution and Suppliers
Spectrum has partnerships with low-cost box merchandisers to distribute its products such as Wal-Mart, Lowes, and BJ’s Warehouses etc. Under the leadership Jones Rayovac batteries distribution list reached over 100,000 stores in North America and that tripled its distribution points in just four years 24. In China Spectrum leveraged on the distribution network of Ningbo Baowang.

In Latin America sales forces are organized by distribution channels and geographic territory, they sell directly to large retail outlets mass merchants, convenience stores, supermarkets, drug stores, home improvement stores, and electronic stores.

In Europe the sales force is supplemented by an international network of distributors and marketed to food and retail merchandisers, discount stores, and drug stores specialty trade and consumer electronic stores. They also market directly to whole sales clubs, photography stores and hearing aid professionals and OEMs.

The global pet sales force targets mass merchandisers, grocery and drug chains, pet stores and other retailers separately.
SPECTRUM BRANDS FINANCES
The following financial analysis is done using the 10K and 2007, 2006 and 2005 Spectrum annual reports.
Sales
For the fiscal year ended in September 30 of 2007, Spectrum’s sales rose 5 % to $1.99 billion. The sales over the years have increased but not at the rate from 2005 to 2006.
Income
Net loss was $ 596.7 million. Net loss from operations was $ 412 Million which is 1 % less than 2006. Bottom line of Spectrum is in red for the years 2006 and 2007, but has decreased.
Profitability Ratios
Return on Assets (12.22%) (ROA)
Income after tax ÷ Average total asset
= (392.44) ÷ 3211.39 = (12.22) %
It is the measure of the return on total investments in the company. An upward trend gives a positive measure of the health of the company. Spectrum is in a downward trend for the last couple of years.

Return on Equity (ROE) = (574.7%)
Net income ÷ Share holders’ equity = (574.7%)
Return on Equity for Spectrum is negative since 2006. The average returns for companies in the same industry are in the rage of 15% to 18%.

Gross profit margin 36.91 %
Gross profit ÷ Revenue = 736.26 ÷ 1994.52 = 36.91 %
Gross margin shows the amount of revenue left over after deducting the direct cost of producing the goods. The gross margin is declining year after year for Spectrum Brands

Liquidity Ratios
Current Ratio 2.29
Current assets ÷ Current liabilities = 1,385.57 ÷ 606.16 = 2.29
The current ratio 2.29 shows the companies ability to pay current liabilities using the assets that can be converted to cash easily. One and above are good and 2 or higher is better.

Quick Ratio 1.76 (Current assets – Inventory) ÷ Current Liabilities = (1,385.57- 317.47) ÷ 606.16 = 1.76 The quick ration or acid test ratio is 1.76. A value of 1 and above indicates that the company does not have to relay on selling its inventory to pay the current liabilities.

Working Capital
Working capital of Spectrum has increased from $ 397.21 million in 2006 to $779.41 Million in 2007. The company has internal fund to pay its current liabilities.

Leverage Ratios Debt to asset ratio = Total debt / Total assets =1.0.
Lower fractions indicate a lower debt. Higher numbers indicate the over user of debt and grater risk of bankruptcy and Spectrum is reaching towards that point.

Debt to equity ratio = Total debt /Total stock holders equity = 31.9. This number should be less than 1.0. Higher value indicates excessive debt, lower creditworthiness and weak balance sheet. With a high ratio, the company has to pay more for credit.

Long term debt to equity ratio: Long term debt / total share holders equity = 23.1. Low numbers shows the capacity to borrow funds if needed. With a higher value it is extremely difficult to get capital from banks and financial institutions. Company bonds will be rated to junk.

Times Interest Earned: Operating income / interest expense = (0.7). It is a measure of the ability to pay interest charges to the lenders. A number below 2 is a signal of delinquent payment.
Activity ratio
Ratio 2007 2006 2005 2004 2003
Days of inventory 92.09 141.59 114.64 119.13 140.25
Inventory turnover 6.28 4.11 5.11 5.35 4.21
Average collection period 65.18 70.42 59.07 74.59 107.10

The day’s inventory is a measurement of the management’s efficiency in moving inventory to customers. The smaller the number the better, spectrum is improving its days of inventory.
Inventory turn over is the measure of number of times the inventory turns per year the higher the better for consumer products. Inventory turn over is extremity low for Spectrum brands.
Average Collection period is a measure of efficiency of the management in collecting the payment. The shorter the better, a value less than zero indicates that the company is paid before the inventory is been delivered to the customer.

Cash flow from operating activities Measure the amount of cash generated by operations to cover the cost of running of the company. Spectrum has a negative cash flow from operating activities means and they are using debt to run the day to day activities of the company.

Total Debt – Spectrum is loaded with debt, from the previous acquisition activities. Debt is rising and is a major concern for Spectrum. It shows the inefficient debt management.

P/E ratio and comparison
Since Spectrum is not giving dividends the P/E ratio is not applicable but to compare with competition and S &P 500 an efficiently managed company should have a P/E around 15 to 18 %.

EPS – The income available to share holders are common dividends. After 2005 Spectrum hasn’t paid any dividend. It should be in an upward trend.
Share price
Share price of Spectrum brand declined considerably from its peak at 44.12 Cents in March 2005 to 4.33 cents on March 12, 2008. The following graph shows the rise and decline in the stock price during diversification (www.finance.yahoo.com). RECOMMENDATIONS
The financial analysis of Spectrum shows a week balance sheet with large amount of debt. We recommend business should reduce the debt by one or more of the following activities.
1. Spectrum has moved far from its core competency of R&D and batteries which became a major weakness, rivals in the industry are expanding the product line and Spectrum should invest in R & D to expand their product line especially in rechargeable batteries for personal devices. Spectrum also has to pursue a strategy of tailoring their products to their OEM customers with long term contracts.
2. Spectrum should follow the path of the industry leaders to move away from ‘price war’ and focus on product differentiation by weight and longer life time of batteries, make use of the global network of distributors and low cost manufacturing.
3. Spectrum is too dependent on three big box retailers and in the past has become a liability, Spectrum should realign its supply chain and focus its marketing campaign and target all retailers.
4. Sell off the garden and house products list and the pet products industry and use the net proceedings to pay down the debt and turnaround.
5. Spun off the three core business units (i) Global Batteries & Personal Care (ii) Global Pet Supplies and (iii) the Home and Garden Business into three separate companies. Restructure corporate leadership and manage the companies independently.
6. File for chapter 11 bankruptcy and get protection from debt holders, realign the company by selling off or closing down the unprofitable business like Garden and house products and turnaround.
7. Hire competent strategic advisors to formulate a strategy to sell off the company to a private equity firms or other buyers and payoff the share holders.
REFERENCES
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8. http://www.businessweek.com/magazine/content/07_33/b4046616.htm Retrieved on March 11, 2007
9. "Rayovac Corporation" International Directory of Company Histories, Vol. 39. St. James Press, 2001. Reproduced in Business and Company Resource Center. Farmington Hills, Mich.:Gale Group. 2008.
10. http://www.spectrumbrands.com/corpinfo/history.htm Retrieved on March 11, 2007
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13. http://united-industries-news.newslib.com/story/3184-1451692/ Retrieved on March 11, 2007
14 http://www.spectrumbrands.com/corpinfo/history.htm Retrieved on March 11, 2007
15 http://www.answers.com/topic/rayovac-corp?cat=biz-fin Retrieved on March 11, 2007
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17 (10K 2005, 2006 and 2007).
18. (Annul report 2007 page 16)
19. Source: Spectrum brands 2007 Annual report)
20. Source: Spectrum brands 2007 Annual report)
21. Source: Spectrum brands 2007 Annual report)
22 Source: Spectrum brands 2007 Annual report)
23. Source: http://www.lme.co.uk/zinc_graphs.asp retrieved on March 11 2008)
24. http://www.answers.com/topic/rayovac-corp?cat=biz-fin Retrieved on March 11, 2007
25 (Spectrum 2007 annual report page 14).
26 (http://www.time.com/time/insidebiz/article/0,9171,1198890,00.html)
27 (P & G annual report 2007 page 32).
28 http://www.petfoodindustry.com/ViewArticle.aspx?id=20330 Retrieved on March 11, 2007
29(http://www.hss.uts.edu.au/public_communication /student_work/cranberry_ad.pdf). Retrieved on March 11, 2007
30 . (2006 annual report)
31. (scotts 2007 annual report http://library.corporate-ir.net/library/98/983/98364/items/273925/Scotts%20A-R_2007.pdf)