Spectrum Brands Receives Award to Maintain Jobs at Headquarters

Fair

51°

Feels Like: 47 °
More Weather

Conditions at Madison, Dane County Regional-Truax Field, WI

Posted: Tue 12:06 PM, Nov 29, 2011

A A

Back to WMTV - HomePage

Spectrum Brands Receives Award to Maintain Jobs at Headquarters

Posted Tuesday, November 29, 2011 --- 12:03 p.m.

Press Release from the Wisconsin Economic Development Corporation:

Governor Scott Walker announced today that Spectrum Brands Holdings has received a $4,000,000 award from the Wisconsin Economic Development Corporation (WEDC) to maintain jobs at its corporate headquarters in the Madison area and make capital investments at its Wisconsin operations.

“This award has been provided to preserve jobs at Spectrum Brands headquarters as part of the company’s investment in its operations,” according to Paul Jadin, CEO of the WEDC.

The terms of the award require Spectrum Brands to maintain up to 470 existing full-time jobs in the Madison area and make at least $40,000,000 of capital investments in its Wisconsin operations in order to meet the conditions of the award. In addition to its Madison-area worldwide headquarters, Spectrum has battery manufacturing plants in Fennimore and Portage, and a returns center in DeForest.

“Since our origins, more than 100 years ago, as a battery manufacturer on Madison’s east side, our company has played a significant role as a major employer in Dane County and other parts of Wisconsin,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings, Inc. “We appreciate this award from Governor Walker and WEDC as we have made a commitment to retain our headquarters and operations in Wisconsin and invest in our future in the state.”

As part of today’s announcement, Spectrum Brands said it plans to immediately hire up to 60 persons to fill positions primarily at its Madison headquarters in key functions including sales, marketing and operations, as well as other general and administrative functions such as finance and accounting. Interested individuals should go to http://www.spectrumbrands.com/Careers/.

As part of its broader commitment to and investment in the greater Madison area, Spectrum Brands said it will continue to sponsor the Clean Lakes Alliance, a diverse group of public and private organizations dedicated to restoring Madison’s lakes to the condition they need to be to help keep Madison a destination for business in the region.

Next Story >

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.

by Marcia Location: Packwaukee on Nov 29, 2011 at 07:30 PM

I am glad to hear this! As a worker in Portage, it is great news for the company and it's employees.

[ Report Abuse ]

You have successfully replied to this comment.
by Phil Weier Location: Mineral Point WI on Nov 29, 2011 at 03:15 PM

What will the money be used for specifically. It should not be used to give bonuses to the upper management teams.

[ Report Abuse ]

You have successfully replied to this comment.
by June Location: Madison on Nov 29, 2011 at 03:10 PM

Does Spectrum really need a $4 million award to remain in Wisconsin? Is that what Walker is doing now - bribing companies to stay in this state? And in the mean time Spectrum will award its CEO's multimillion dollar bonuses... Can't a well known company such as Spectrum invest in itself?

[ Report Abuse ]

You have successfully replied to this comment.
by Andy Location: Madison on Nov 29, 2011 at 02:14 PM

This is Scott Walkers fault!

[ Report Abuse ]

You have successfully replied to this comment.
by WIBadger on Nov 29, 2011 at 01:27 PM

One last point: as part of the condition of getting $4M from WI taxpayers, WEDC should have required that all corporate staff (ie, high wage earners) be relocated back to Madison (at the company's expense). Think of all the tax dollars that are currently going to the State of Georgia (corporate headqtrs located in Atlanta, GA) instead of the State of Wisconsin.

[ Report Abuse ]

You have successfully replied to this comment.
by WIBadger on Nov 29, 2011 at 01:04 PM

Why is our government -- via WEDC -- awarding a corporation $4M? From the company's Q4 Earnings Call: As a result of solid earnings and strong working capital management across all businesses of the company, we generated free cash flow of approximately $191 million, which significantly exceeded our guidance of $155 million to $165 million. Similar to 2010, we finished fiscal 2011 with 0 cash drawn on our ABL facility, and our cash balance is $142 million. As of the end of our fiscal year, total debt was approximately $1,565,000,000, which consisted of a senior secured term loan of approximately $525 million, senior secured notes of $750 million, PIK notes of approximately $245 million and other debt of approximately $44 million, which included capital leases of $25 million and foreign debt of $19 million. Our total debt reduction included $225 million of term loan payments, which consist of $220 million of voluntary prepayments and $5 million of scheduled amortizations.

[ Report Abuse ]

You have successfully replied to this comment.
- by LOL on Nov 30, 2011 at 08:42 PM in reply to WIBadger
  
  Why? All the executives make well over 4 million a year in bonus, salary and incentive. The stock has is a minus earning per share. What is going on here?
  
  [ Report Abuse ]
  
  You have successfully replied to this comment.
- by WHAT on Nov 30, 2011 at 08:44 PM in reply to WIBadger
  
  Check Forbes for the executive salaries - well over 4 million every year - nice wage for Madison, WI.
  
  [ Report Abuse ]
  
  You have successfully replied to this comment.
by Basement Troll on Nov 29, 2011 at 12:56 PM

So when Barack Obama does this, it's an evil stimulus package. When Scott Walker does it, it's a wonderful "award". rofl. Where are the rightwing hypocrites to cry about their precious tax payer dollars?

[ Report Abuse ]

You have successfully replied to this comment.
by lost Location: madison on Nov 29, 2011 at 12:15 PM

does this mean the people that were let go in June due to the companies financial hardship will be called back to work?

[ Report Abuse ]

You have successfully replied to this comment.