Posted Monday, May 5, 2008, 3:02 p.m., EST

Spectrum Brands is holding off on selling its home and garden business.

Although the company is still open to the sale of assets to pare its debt and boost shareholder value, Spectrum Brands has curtailed efforts to sell its home and garden business, according to documents filed today with the Securities and Exchange Commission.

The company’s board of directors attributed “current economic conditions and existing uncertainties in financial markets” to its determination that the home and garden business, comprised of its lawn and garden business and its household insect control products, was not likely to sell at this time.

The company will resume accounting for its home and garden business within its “continuing businesses” in future financial reports. The company, optimistic a deal was near, had been describing the business sales as a discontinued operation in recent filings.

Spectrum’s other major business units include its pet business (United Pet Group), its Rayovac battery division and its Remington personal care product business.

The Wisconsin State Journal recently reported that the company has replaced Spectrum Brands signs near its Madison, Wis., facilities to read Rayovac Remington World Headquarters.

Company officials told the newspaper that the new signs were an effort to promote the specific brands and were not related to any potential sale. <HOME>