Breaking News

Tweet TWEET

Spectrum Brands Holdings Acquires Majority Interest in Skin Care Technology Leader Shaser Bioscience, Inc.

  Spectrum Brands Holdings Acquires Majority Interest in Skin Care Technology
  Leader Shaser Bioscience, Inc.

  Significantly Enhances Company’s Position in $50 Billion Global Market for
                Home Use Dermatology and Hair Removal Devices

 Investment Accelerates Expansion into Fast Growing, High Margin Consumables
                                   Business

Business Wire

MADISON, Wis. -- November 12, 2012

Spectrum Brands Holdings, Inc. (NYSE: SPB), a global consumer products company
with market-leading brands, today announced that it has acquired a 56 percent
interest in Shaser Bioscience, Inc., a privately held global technological
leader in developing energy-based, aesthetic dermatological technology for
home use devices, for $50 million in cash. The transaction provides Spectrum
Brands with exclusive rights to Shaser Bioscience’s entire range of technology
platforms and establishes Spectrum Brands’ Remington® personal care division
as a leader in large and rapidly growing segments of the worldwide beauty and
skin care retail device market.

Building on a commercial partnership established in 2008 between Spectrum
Brands and Shaser Bioscience, through which the companies have jointly
developed and brought to market the Remington® i-LIGHT™Pro light-based hair
removal system, the controlling interest in Shaser Bioscience will become part
of Spectrum Brands’ Remington® personal care division. The i-LIGHT™Pro,
introduced in continental Europe in early 2010 and in the U.S. in 2011
following clearance by the U.S. Food and Drug Administration (FDA), is a
revolutionary, dermatologist-recommended hair removal system utilizing the
same Intense Pulsed Light (IPL) technology used by dermatologists to achieve
professional results at home.

Spectrum Brands is creating a new consumables business within Remington to
focus on developing a full line of energy-based, companion aesthetic
dermatology devices and companion products using Shaser Bioscience technology
to address the large, growing and unmet global demand for skin care solutions
for conditions including unwanted signs of aging, acne and blemishes, spider
veins and other retail aesthetic applications to be announced in the future.
Combined with a global retail hair removal market estimated at $16.5 billion
annually, the worldwide market for home use devices that address these
conditions is estimated at more than $50 billion annually.

Spectrum expects that the acquisition will add substantial incremental revenue
to Remington’s consumables business, approximately doubling consumables
business revenues in fiscal 2013 and continuing rapid top-line growth in
fiscal 2014.

“This transaction is consistent with Spectrum Brands’ strategy to grow its
existing business lines through strategically and financially attractive
bolt-on acquisitions in adjacent spaces,” said Dave Lumley, Chief Executive
Officer of Spectrum Brands Holdings. “Our majority interest in Shaser
accelerates our objective to expand our high margin consumables business,
builds on our recent product-line expansion into women’s hair accessories, and
allows us to drive revenue growth by increasing our access to a huge global
market in aesthetic dermatology products and hair removal.”

The investment marks a major new initiative by Spectrum Brands’ Remington®
personal care division to develop and market transformational products that
greatly enhance the lives of consumers and build upon its already rich
heritage of providing consumers with outstanding value. Employing the same
energy-based, FDA-cleared technology as i-LIGHT™ Pro and used by
dermatologists will enable Spectrum Brands and its Remington® personal care
division to be a leading brand behind unique new beauty and skin care
solutions consumers can use at home.

Lumley added, “Remington’s® new consumables business will focus on developing
transformational new beauty solutions previously only available in
dermatological clinics, using dedicated marketing and strategic resources to
build awareness, brand equity, and generate sales. We are excited about this
opportunity to develop an effective, in-home, consumables-based range of
effective solutions for consumers.”

“Shaser Bioscience is excited to be joining the Spectrum Brands family to
drive the development of technology that can, for the first time, provide
consumers with effective skin care solutions at home,” said Daniel Roth, CEO
of Shaser Bioscience, Inc. “Shaser’s aesthetic technology is based on the same
proven scientific principles used in dermatology clinics to provide exciting
solutions to the skin care challenges facing today’s consumers. Shaser’s
world-class team of physicians, researchers and regulatory experts are very
enthusiastic about forming this long-term, strategic partnership with Spectrum
Brands to develop and launch effective skin care solutions based on our unique
home use, aesthetic energy-based technology.”

Additional Information on i-LIGHT™Pro

I-LIGHT™Pro, utilizing exclusive ProPulse™ technology to harness the power of
IPL, has become the leading global home hair removal product to address the
large, unmet consumer demand and dissatisfaction with existing solutions.

The proprietary ProPulse™ technology, exclusive to i-LIGHT™Pro, works similar
to laser hair removal devices by disabling growth of the hair follicle with a
laser-like flash of light that targets only the unwanted hair, while helping
to keep surrounding skin cool and protected for optimal comfort. Indicative of
the easy-to-use characteristics of i-LIGHT™Pro, Remington offers a two-second
flash rate, the fastest of any FDA-cleared IPL on the market, enabling
treatment of an entire area in just minutes without any down time for
re-charging.

Remington eventually plans to release several game-changing platforms to
deliver significantly improved performance and user comfort with a keen focus
on end-user experience.

About Remington

Remington® is “How the World Gets Ready.” A global leader and manufacturer of
men’s and women’s grooming and styling products, Remington is an innovator of
affordable hair care, electric shavers, wet shavers, wet shave products and
body groomers and trimmers, and a subsidiary of Spectrum Brands Holdings. For
more information about Remington, visit www.remingtonproducts.com.

About Spectrum Brands Holdings, Inc.

Spectrum Brands Holdings, Inc., a member of the Russell 2000 Index,is a
global and diversified consumer products company and a leading supplier of
batteries, shaving and grooming products, personal care products, small
household appliances, specialty pet supplies, lawn & garden and home pest
control products, personal insect repellents and portable lighting. Helping to
meet the needs of consumers worldwide, the Company offers a broad portfolio of
market-leading, well-known and widely trusted brands including Rayovac®,
Remington®, Varta®, George Foreman®, Black & Decker®, Toastmaster®,
Farberware®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-in-1®,
FURminator®, Littermaid®, Spectracide®, Cutter®, Repel®, Hot Shot® and Black
Flag®.Spectrum Brands Holdings' products are sold by the world's top 25
retailers and are available in more than one million stores in approximately
140 countries. Spectrum Brands Holdings generated net sales of approximately
$3.25 billion in fiscal 2012.For more information, visit
www.spectrumbrands.com.

About Shaser Bioscience, Inc.

Based in Boston, MA, Shaser Bioscience, Inc. is a global technological leader
in developing FDA-cleared, energy-based aesthetic dermatology devices,
partnering with leading global consumer brands to bring these technologies
into consumers’ homes. Shaser’s goal is to be the dominant provider of
aesthetic devices to the consumer market, by developing proprietary
technologies with clinically-proven performance, extensive intellectual
property, superior engineering and design, and a relentless commitment to
innovation. ProPulse™ is a trademark owned by Shaser Bioscience, Inc.

Forward-Looking Statements

Certain matters discussed in this news release and other oral and written
statements by representatives of the Company regarding matters such as the
Shaser Bioscience transaction and expectations regarding the Company’s beauty
and aesthetics business 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) Spectrum Brands
Holdings' ability to manage and otherwise comply with its covenants with
respect to its significant outstanding indebtedness, (2) the inability to
integrate, and to realize synergies from, the combined businesses of Spectrum
Brands and its acquired companies, including Shaser Bioscience, the Hardware &
Home Improvement Group of Stanley Black & Decker, and other acquisitions, and
its ability to develop its beauty and aesthetics business, (3) risks that
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, (4) changes in consumer demand for the
various types of products Spectrum Brands Holdings offers, (5) unfavorable
developments in the global credit markets, (6) the impact of overall economic
conditions on consumer spending, (7) fluctuations in commodities prices, the
costs or availability of raw materials or terms and conditions available from
suppliers, (8) changes in the general economic conditions in countries and
regions where Spectrum Brands Holdings does business, such as stock market
prices, interest rates, currency exchange rates, inflation and consumer
spending, (9) Spectrum Brands Holdings' ability to successfully implement
manufacturing, distribution and other cost efficiencies and to continue to
benefit from its cost-cutting initiatives, (10) Spectrum Brands Holdings'
ability to identify, develop and retain key employees, (11) unfavorable
weather conditions and various other risks and uncertainties, including those
discussed herein and those set forth in Spectrum Brands Holdings' and Spectrum
Brands' securities filings, including the most recently filed Annual Report on
Form 10-K for Spectrum Brands, Inc. or Quarterly Reports on Form 10-Q.
Spectrum Brands Holdings 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
Spectrum Brands Holdings and management's reasonable assumptions about market
conditions, and consequently may be inaccurate, or may not reflect significant
segments of the retail market.

Spectrum Brands Holdings 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. Spectrum Brands Holdings 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.

Contact:

Spectrum Brands, Inc.
Dave Prichard, 608-278-6141
 
Press spacebar to pause and continue. Press esc to stop.