Georgia-Based Newell Rubbermaid Divests Hardware Business
Press release from the issuing company
Thursday, September 12th, 2013
Newell Rubbermaid Inc. 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.
