Newell Rubbermaid Sells Ashland HardwareAugust 14th, 2013 | Category: Industry News
Newell Rubbermaid Inc. announced its definitive agreement to sell its hardware business, which includes the Ashland® brand, as well as its Amerock®, 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.
“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 CEO.
Sales in 2013 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.