WASHINGTON – Battery maker Rayovac Corp. (ROV) said on Tuesday it will change its name to Spectrum Brands Inc. (search) to reflect the increasing diversity of its products.
Rayovac, which also makes Remington electric razors (search), said the name change would be subject to shareholder approval in April.
Rayovac recently completed the acquisition of lawn, garden and pet products maker United Industries Corp. (search), further reducing its reliance on the battery business.
The company said its branded products will continue to be marketed to retailers and consumers under their current names, including Rayovac batteries and Remington electric shavers.
Last month, Rayovac posted a 26 percent rise in quarterly profit driven in part by acquisitions, but analysts expressed concerns over growth being driven by the benefit from the weak dollar and over a drop in sales of Remington shavers in North America.
In January, Rayovac raised its profit outlook for the year ending around Sept. 30 to a range of $2.15 a share to $2.20 a share. Analysts on average forecast $2.24 a share, according to Reuters Estimates.
Rayovac kept its 2005 net-sales forecast unchanged at about $1.5 billion, which excludes the impact of the United Industries deal.
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