Spectrum Brands Holdings Inc., the consumer- products company backed by HRG Group Inc., has agreed to acquire Armor All for $1.4 billion including debt, in a bet the world’s drivers will spend more time polishing their cars.

Armored AutoGroup Parent Inc., a consumer-products company consisting primarily of Armor All and STP engine oil, is being sold by private-equity firm Avista Capital Partners, according to a statement Tuesday.

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