Newell Rubbermaid (NYSE: NWL) has entered into a definitive agreement to
sell its Levolor® and Kirsch® window coverings brands (“Décor”) to
Hunter Douglas, a market leader in window coverings.
Gross proceeds from the transaction are expected to be $270 million,
which includes the retention of accounts receivable. The purchase price
is subject to customary working capital and transaction adjustments. The
transaction is expected to close in 2016, subject to certain customary
conditions, including regulatory approvals. Proceeds will be used to pay
down debt. Robert W. Baird & Co. acted as financial advisor to Newell
Rubbermaid on this transaction.
"The announced sale of our Décor business further strengthens our
portfolio as we focus our investment behind our highest-potential global
growth opportunities," said Michael Polk, Newell Rubbermaid President
and Chief Executive Officer. “We believe the Décor business will benefit
from being part of Hunter Douglas, an owner more strategically committed
to building and investing in the window coverings market."
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of
consumer and commercial products with 2015 sales of $5.9 billion and a
strong portfolio of leading brands, including Sharpie®, Paper Mate®,
Elmer’s®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Contigo®,
Rubbermaid®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger®, Dymo®,
Parker® and Waterman®. 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.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking information based on
management's current views and assumptions. Actual events may differ
materially. Factors that may affect actual results include, but are not
limited to, whether and when the required regulatory approvals will be
obtained, whether and when the closing conditions will be satisfied and
whether and when the transaction will close. Please refer to the
cautionary statements set forth in the "Forward-Looking Statements"
section of the Company's most recently filed Annual Report on Form 10-K
as well as the risk factors set forth in Item 1A thereto, for other
factors that could affect our business.
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