Spectrum Brands Holdings, Inc. (NYSE: SPB) announced today its world headquarters, several North American divisional operations and its technology center, in all totaling more than 500 full-time employees, have moved into a newly built and more economical and energy-efficient facility in the Discovery Springs area of Middleton, Wisconsin, a suburb of Madison. In January 2012 the Company announced plans to move to the new facility before the end of 2013.
The Company, which considered moving its world headquarters (relocated from Atlanta in 2010) and North American Remington® personal care operations to Miramar, Florida, where its Russell Hobbs home appliances subsidiary acquired in June 2010 already occupied a suitably sized building, decided to stay in the greater Madison area due to major space efficiencies and other cost savings. The new building can accommodate as many as 675 full-time employees.
Spectrum Brands said its Middleton facility also is a more economical and energy-efficient option than renewing the lease on its long-time headquarters at 601 Rayovac Drive in Madison, which will expire on December 31, 2013. The Rayovac Drive facility is owned by a New York-based real estate group.
“In this challenging economic environment in which companies operate, we must reduce costs to maintain an operating structure aligned with today’s market conditions and enable Spectrum Brands to remain competitive and continue to grow over the long-term,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “That is why we moved our world headquarters from Atlanta back to the greater Madison area three years ago.“We were close to a decision to move up to 300 full-time jobs from the Madison area to Florida,” Mr. Lumley said. “Instead, we brought 60 to 70 professional jobs to Wisconsin, which adds to the nearly $100 million of direct annual economic impact Spectrum Brands already has on our state, and preserves state revenue from our employee income tax withholdings that would have been lost with a move to Florida.”