Spectrum Brands Provides Update on Sale of its Global Pet Supply Business

  
    
  
  
    
      Spectrum Brands, Inc. (NYSE: SPC)(the “Company”) 
      announced today that it has not been successful in its attempt to secure 
      the consent of its senior lenders necessary to complete the previously 
      announced sale of its global pet supply business.
    
    
      On May 21, 2008 the Company announced that it had signed a definitive 
      purchase agreement with Salton, Inc. and its wholly owned subsidiary, 
      Applica Pet Products LLC, for the sale of the Company’s 
      global pet business. Receipt of consent from its senior lenders is a 
      condition to the completion of the sale.
    
    
      The Company continues to believe that the sale of its global pet 
      business to Salton, Inc. and its wholly owned subsidiary, Applica Pet 
      Products LLC, upon the negotiated terms is in the best interests of the 
      Company and its shareholders, as well as its other constituencies. The 
      definitive purchase agreement continues in full force and effect, and 
      the Company intends to comply with its obligations thereunder in order 
      to satisfy the conditions necessary to consummate the sale of its global 
      pet supply business.
    
    
      Certain matters discussed in this news release, with the exception of 
      historical matters, may be forward-looking statements within the meaning 
      of the Private Securities Litigation Reform Act of 1995. These 
      statements are subject to a number of risks and uncertainties that could 
      cause results to differ materially from those anticipated as of the date 
      of this release. Actual results may differ materially as a result of (1) 
      the occurrence of any event, change or other circumstance that could 
      give rise to the termination of the definitive agreement; (2) the 
      inability to complete the transaction due to the failure to receive 
      required regulatory or other approvals or to satisfy other conditions to 
      the sale; (3) the risk that the proposed transaction disrupts current 
      plans and operations; (4) difficulty or unanticipated expenses in 
      connection with the sale; (5) changes and developments in external 
      competitive market factors, such as introduction of new product features 
      or technological developments, development of new competitors or 
      competitive brands or competitive promotional activity or spending, (6) 
      changes in consumer demand for the various types of products the Company 
      offers, (7) unfavorable developments in the global credit markets, (8) 
      the impact of overall economic conditions on consumer spending, (9) 
      fluctuations in commodities prices, the costs or availability of raw 
      materials or terms and conditions available from suppliers, (10) changes 
      in the general economic conditions in countries and regions where the 
      Company does business, such as stock market prices, interest rates, 
      currency exchange rates, inflation and consumer spending, (11) the 
      Company’s ability to successfully implement 
      manufacturing, distribution and other cost efficiencies and to continue 
      to benefit from its cost-cutting initiatives, (12) unfavorable weather 
      conditions and various other risks and uncertainties, including those 
      discussed herein and those set forth in the Company’s 
      securities filings, including the most recently filed Annual Report on 
      Form 10-K or Quarterly Report on Form 10-Q. The Company also cautions 
      the reader that its estimates of trends, market share, retail 
      consumption of its products and reasons for changes in such consumption 
      are based solely on limited data available to the Company and management’s 
      reasonable assumptions about market conditions, and consequently may be 
      inaccurate, or may not reflect significant segments of the retail market.
    
    
      The Company also cautions the reader that undue reliance should not be 
      placed on any forward-looking statements, which speak only as of the 
      date of this release. The Company undertakes no duty or responsibility 
      to update any of these forward-looking statements to reflect events or 
      circumstances after the date of this report or to reflect actual 
      outcomes.
    
    
      About Spectrum Brands, Inc.
    
    
      Spectrum Brands is a global consumer products company and a leading 
      supplier of consumer batteries, lawn and garden care products, specialty 
      pet supplies, shaving and grooming products, household insect control 
      products, personal care products and portable lighting. Helping to meet 
      the needs of consumers worldwide, included in its portfolio of widely 
      trusted brands are Rayovac®, Varta®, 
      Remington®, Tetra®, 
      Marineland®, Nature’s 
      Miracle®, Dingo®, 
      8-In-1®, Spectracide®, 
      Schultz®, Cutter®, 
      Repel®, and HotShot®. 
      Spectrum Brands’ products are sold by the 
      world's top 25 retailers and are available in more than one million 
      stores in more than 120 countries around the world. Headquartered in 
      Atlanta, Georgia, Spectrum Brands generated fiscal year 2007 net sales 
      of $2.6 billion. The Company’s stock trades 
      on the New York Stock Exchange under the symbol SPC.