Rayovac May Be Close to United Industries Deal

Battery maker Rayovac Corp. is close to a deal to acquire privately held United Industries Corp., a maker of lawn and garden products, for about $500 million in cash and stock in a bid to diversify its product mix, sources said.

The transaction, which includes the assumption of about $900 million in United Industries debt, could be announced as early as today, the sources said.

Shares of Atlanta-based Rayovac fell $1 to $29.56 on the New York Stock Exchange.