Spectrum Brands has sold $6.3 billion worth of itself in three years. The $2.0 billion sale of its battery business to Energizer in 2018 and the $4.3 billion sale of its Hardware and Home Improvement segment to ASSA ABLOY in June 2023 reduced annual revenue from $4.6 billion to $2.8 billion while cutting total liabilities by 67%. CEO David Maura is executing the rarest move in consumer products: deliberate shrinkage toward a more profitable, focused business rather than acquisition-driven growth toward scale for its own sake. The Middleton, Wisconsin company generated $2.81 billion in FY2025 revenue from two remaining segments: Home & Garden (Spectracide, Cutter, Repel, Hot Shot, Nature's Miracle) and Home & Personal Care (Remington, George Foreman, Russell Hobbs, FURminator, Tetra). The company's origins trace to the French Battery and Carbon Company, founded in 1906 in Madison, Wisconsin — the predecessor to Rayovac, whose trademark was registered in 1921 and whose name was officially adopted in 1934. The battery heritage is now entirely sold to Energizer; what remains is the portfolio of consumer brands assembled through decades of acquisitions. The Pet segment — Tetra, DreamBone, SmartBones, Nature's Miracle, FURminator — has been the strongest performer in the post-divestiture portfolio, benefiting from the structural tailwinds of pet humanization and the premium pricing available in the specialty pet care channel. Pet owners spend more per animal and are more brand-loyal than most consumer goods categories, creating retention economics that outperform the household pest control and personal care segments. The HPC segment's July 2024 strategic review announcement — Maura stated he is evaluating options including a potential separation of Home & Personal Care — raises the question of whether Spectrum Brands intends to become a pure-play Home & Garden and Pet company, or whether the HPC segment will be sold in whole or in part to fund either shareholder returns or further operational optimization. The FY2025 revenue decline to $2.81 billion from $2.96 billion in FY2024 reflects the HPC weakness: organic sales down 8.3% driven by consumer sentiment deterioration in North America and EMEA.