Scotts Changes Name to Scotts Miracle-Gro
Mar 21, 2005
Scotts Co. Renames Itself Scotts Miracle-Gro to Promote One of Its Best-Known Brands
The Scotts Co. changed its name Monday to The Scotts Miracle-Gro Co., saying it would show off one of its best-known brands and help make investors and others more familiar with its full range of lawn care and gardening products.
"We are more clearly defining ourselves as a branded consumer products company to investors and others who may not be as familiar with our industry," said Jim Hagedorn, chairman and chief executive.
The new name comes with a new holding company structure that the company said gives it more flexibility to grow and provides more legal protection for its businesses and brands. Publicly owned Scotts Miracle-Gro will be the parent company of The Scotts Co. LLC.
Shareholders, who approved both changes in January, will get a share-for-share switch to the new company.
Scotts has more than $2 billion in annual sales with brands including Miracle-Gro plant food, Ortho pesticide and Turf Builder fertilizer. It also sells seeds and gardening tools, and markets Roundup herbicide for maker Monsanto Co.
Scotts also owns Smith & Hawken Ltd., which makes garden pottery, tools and outdoor furniture.
The company also said it would build community gardens in cities including Orlando, Fla.; Atlanta; Norfolk, Va.; Long Island, N.Y.; and Columbus, Ohio, about 25 miles southeast of company headquarters.
Shares of Scotts fell 98 cents to close at $70.92 in Monday trading on the New York Stock Exchange, near the high end of a 52-week range of $55.76 to $74.
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