Rayovac Buying United Industries for $476M

The battery maker Rayovac Corp. is buying privately held United
Industries Corp., maker of Vigoro lawn care products, Cutter insect
repellant and assorted pet supply products, for about $476 million in
cash and stock.

Rayovac said the
deal announced Tuesday would broaden its array of household products
which currently also includes Remington shaving products and enable it
to get more out of its operational expertise and existing relationships
with retailers.

Under terms of the deal, Atlanta-based Rayovac
would issue 13.75 million shares of its common stock and pay $70
million in cash for United Industries shares, which are not publicly
traded. At Monday's closing price, the Rayovac shares would be worth
$406 million.