The company's global battery and appliances unit, which also includes Remington grooming products and Black & Decker home appliances, accounted for about 40 percent of overall sales in fiscal year 2017.
The company, which has a market capitalisation of $6.30 billion (£4.64 billion), said it had received inquiries from prospective buyers and was in talks with many of them.
Spectrum said a transaction would help it to reduce debt and focus on higher margin brands in its four remaining businesses - hardware & home improvement, auto care, pet supplies and home & garden.
The Middleton, Wisconsin based company's shares have fallen 10.6 percent over the last year.
(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty)