Rayovac 2013 Annual Report Download - page 134

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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
The following table summarizes the preliminary consideration paid for the HHI Business:
Negotiated sales price, excluding TLM Taiwan .......................................... $1,300,000
Working capital and other adjustments at December 17, 2012 close .......................... (10,738)
Final working capital adjustment ..................................................... (7,669)
Final purchase price, excluding TLM Taiwan ........................................... $1,281,593
Negotiated sales price, TLM Taiwan .................................................. 100,000
Final TLM Taiwan working capital and other adjustments ................................. (6,500)
Total HHI Business purchase price .................................................... $1,375,093
The HHI Business is a major manufacturer and supplier of residential locksets, residential builders’
hardware and faucets with a portfolio of recognized brand names, including Kwikset, Weiser, Baldwin, National
Hardware, Stanley, FANAL and Pfister, as well as patented technologies such as the SmartKey, a re-keyable
lockset technology, and Smart Code Home Connect. Customers of the HHI Business include retailers, non-retail
distributors and homebuilders. Headquartered in Lake Forest, California, the HHI Business has a global sales
force and operates manufacturing and distribution facilities in the U.S., Canada, Mexico and Asia.
The results of the HHI Business are included in the Company’s Consolidated Statements of Operations as of
and subsequent to December 17, 2012, the date of the Hardware Acquisition. The results of the TLM Business
are included in the Company’s Consolidated Statements of Operations as of and subsequent to its acquisition on
April 8, 2013. The financial results of the HHI Business are reported as a separate business segment, Hardware &
Home Improvement.
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