In keeping with its Jan 2012 announcement of relocating its global headquarters prior to year-end 2013, Spectrum Brands Holdings Inc. (SPB - Free Report) is now set to move to its recently constructed facility in the suburb of Madison.
Spectrum Brands stated that its global headquarters along with some of its North American divisional businesses and its technology hub will occupy the large and improved office space in the Discovery Springs area of Middleton, Wis. These movements will facilitate the shifting of over 500 employees to the new headquarters.
Spectrum Brands’ new global headquarters has been developed by Livesey Company, a family-owned, commercial real estate development company based in Middleton. Wisconsin Economic Development Corporation provided financial backing to the project.
Spectrum Brands’ new headquarter is well equipped, being more cost-effective and energy-efficient. Moreover, the new facility has an in-built capacity to accommodate nearly 675 full-time personnel. Additionally, the new facility houses the “Spectrum Brands Institute of Design & Technology” comprising modern labs and equipment.
Further, the facility has additional capacity of up to nearly 20% for research, innovation and new product development for the company’s battery, personal care and home appliances businesses.
The company’s decision to retain its headquarters in the Madison area of Wisconsin is guided by the space efficiencies and cost saving benefits that the area and the new Middleton facility offer. Further, the company has been a resident in the region for over a decade, performing a major role in providing employment in Dane County and other parts of Wisconsin.
Spectrum Brands has been functional in the Madison area since 1985, when it moved into the newly built facility at 601 Rayovac Drive. Though the company has held its headquarters at Atlanta for about six years, it moved back to the Rayovac complex in 2010, rejecting the proposal to relocate to Miramar, Fla.
Additionally, the company operates a battery technology center since 1965, close to the Rayovac complex that was constructed later. The company’s lease at The Rayovac Drive facility will expire on Dec 31, 2013.
Apart from its recently relocated headquarters, Spectrum Brands operates Wisconsin battery manufacturing plants in Fennimore and Portage, employing about 300 and 200 people, respectively. Additionally, the company operates a returns center in DeForest.
We believe the new headquarters will effectively support the company’s long history of investments in the state, while facilitating efficient cost reduction to enable the company to remain competitive and significantly expand over the long term.
Spectrum Brands currently holds a Zacks Rank #3 (Hold). Other stocks performing well in the consumer discretionary sector include Jarden Corp. , Energizer Holdings Inc. (ENR - Free Report) and Tupperware Brands Corporation (TUP - Free Report) . Of these, Jarden carries a Zacks Rank #1 (Strong Buy), while Energizer and Tupperware hold a Zacks Rank #2 (Buy).