With a net loss of $7.4 million for the 2007 third quarter due largely to restructuring charges, debt-laden Spectrum Brands Inc. (Atlanta) planned to sell an unnamed “strategic asset” at press time.

According to Forbes.com, that asset could be the company’s Global Pet Supplies business, a segment that includes a variety of brands under United Pet Group (Cincinnati) that could go for up to $1 billion. While the company has been trying to sell its Home & Garden business for more than a year, it decided in August to focus first on selling the unnamed segment.

“In order to restore a more normal capital structure to the business as quickly as possible, we have decided to sell an attractive strategic asset,” said Kent Hussey, chief executive officer for Spectrum. “Details of the sale will be announced when the sale process is formally initiated within the next several weeks. Our Home & Garden business will continue to be treated as a business held for sale, although the timing of the sale process for that asset is yet to be determined.”

The company reported pet supplies sales of $135 million for the third quarter, up 2 percent from $132.3 million in the prior-year period.