Rayovac 2005 Annual Report Download - page 4

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Spectrum Brands Executive Committee members
celebrate the company’s new name and ticker
symbol by ringing the opening bell at the New
York Stock Exchange on May 2, 2005. From left
to right, John Heil, Luis Cancio, Ken Biller, Kent
Hussey, President and Chief Operating Offi cer,
Dave Jones, Chairman and Chief Executive Offi cer,
Randy Steward, Bob Caulk, Rémy Burel, Paul
Cheeseman and Phil Pellegrino.
To Our Fellow Shareholders
SPECTRUM BRANDS, INC.2
There aren’t many companies in the world today that
are preparing to celebrate their 100th anniversary.
There are even fewer nimble enough to reinvent
themselves as they approach this historic milestone.
We’re pleased to report that Spectrum Brands, Inc.
did both during fi scal 2005, reshaping ourselves
into a brand new, 100-year-old company with a long,
proud heritage and a future fi lled with promising new
growth opportunities.
We marked our approaching centennial by under-
taking the most ambitious growth initiative in our com-
pany’s history. We completed several highly strategic
acquisitions that brought us an array of well-recognized
consumer brands, enabled us to enter several large,
fast-growing product categories, and strengthened our
relationships with the world’s most important retailers.
These acquisitions transformed our company into a global
diversifi ed consumer products enterprise, with market
leadership in seven product categories, operations in
more than 120 countries, $2.8 billion in annualized
revenues, and 9,800 employees worldwide. In recogni-
tion of this transformation, we changed our name from
Rayovac Corporation to Spectrum Brands, Inc. We believe
that our new corporate name proudly recognizes the com-
pany we have become and the broad array of categories,
brands and products that we offer to our customers.
REINVENTING OURSELVES
The reshaping of Spectrum Brands began with a diversi-
fi cation strategy embarked upon three years ago. The
battery category, while still an attractive business, was
maturing, and we recognized that we needed to develop
new growth opportunities in other consumer segments.