ATLANTA--(EON: Enhanced Online News)--Newell Rubbermaid Inc. (NYSE: NWL) today 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.
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as ‘anticipate,” “believe,” “assume,” “estimate,” “expect,” “intend,” “project,” ”guidance,” “plan,” “outlook,” and other words and terms of similar meaning. Factors that could cause such differences include: assumptions regarding the anticipated proceeds resulting from the transaction; and other risks and uncertainties including those detailed from time to time in the company’s periodic reports (whether under the caption Risk Factors or Forward-looking Statements or elsewhere). The company assumes no obligations to revise or update any forward-looking statement, except as otherwise required by law.