ATLANTA--Newell Rubbermaid Inc. announced it has closed the sale of its Hardware business, which includes the Amerock, Ashland, Bulldog and Shur-Line brands, to Nova Capital, a specialist acquirer of corporate and private equity portfolios. The transaction was first announced Aug. 9.
The transaction provides Newell Rubbermaid with a more cohesive and focused portfolio of brands in five core business segments. As previously announced, gross proceeds from the transaction were $214 million, which includes the retention of accounts receivable. The company will receive after-tax cash proceeds of approximately $175 million.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2012 sales of approximately $5.6 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.
This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.
Source: Newell Rubbermaid Inc.
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