This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Newell Rubbermaid Announces Sale Of Hardware Business To Nova Capital

Newell Rubbermaid Inc. (NYSE: NWL) today announced it has entered into a definitive agreement to sell 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 is expected to close within the third calendar quarter, subject to certain customary conditions.

2013 sales for the Hardware business are estimated to be approximately $255 million. Gross proceeds from the transaction are expected to be $214 million, which includes the retention of accounts receivable. The company anticipates after-tax cash proceeds of approximately $175 million. Rothschild acted as financial advisor to Newell Rubbermaid on this transaction.

“The successful sale of our Hardware business will leave us with a focused, cohesive portfolio of brands in five core business segments, each of which have significant potential to grow through innovation, brand development and selective emerging market expansion. That’s the Growth Game Plan in action,” said Michael Polk, Newell Rubbermaid’s President and Chief Executive Officer.

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: the parties’ ability to satisfy the conditions and terms of the transaction, and to execute the transaction in the estimated time frame, if at all; 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs