Lawn company renamed Scotts Miracle-Gro to promote brand
Monday, March 21st 2005, 9:54 am
News On 6
MARYSVILLE, Ohio (AP) _ 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.
Scotts also owns Smith & Hawken, 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.