Atlanta (ots/PRNewswire) - Newell Rubbermaid Inc. NYSE: NWL)
announced today it has entered into an agreement for the intended
sale of the company's Curver business to Jardin International
Holding BV. The intended sale is subject to consultation with
applicable works councils, trade unions and employees.
Curver, the company's European indoor organization and home
storage division, contributed approximately US$140 million of revenue
in 2004, reported in the company's Cleaning & Organization Segment.
This transaction is consistent with the company's intention to divest
non-strategic businesses and concentrate on leveraging brand strength
and product innovation in its core portfolio of businesses. The
transaction is expected to close in first quarter 2005, subject to
regulatory approval and certain other customary conditions.
"Strengthening our portfolio remains a priority for the company,"
said Newell Rubbermaid CEO Joseph Galli. "We will continue to pursue
opportunities to improve the focus on our core businesses, creating
an organization capable of consistent, long-term growth and
This transaction will not impact 2004 results. The company
estimates a non-cash loss of approximately US$75-US$95 million will
be recorded in the first quarter 2005 related to this transaction.
The company will update 2005 earnings guidance on January 27,
2005, in its fourth quarter and full year 2004 earnings release.
Results will be released prior to market open, followed by a
conference call at 9:30 am ET.
If you are interested in participating on the call, please RSVP by
dialing +1-800-289-0579 or internationally at +1-719-457-2550 and
provide the conference code 929053 to obtain the dial-in number for
call. Participants can also RSVP through the web at
company's conference call will also be web cast at
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in
nature constitute forward-looking statements. These forward-looking
statements relate to information or assumptions about internal sales,
income/(loss), earnings per share, capital expenditures, cash flow,
dividends, restructuring and other charges, potential losses on
divestiture, costs and cost savings and management's plans,
projections and objectives for future operations and performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Important factors that
could cause actual results to differ materially from those suggested
by the forward-looking statements include, but are not limited to,
our dependence on the strength of retail economies in various parts
of the world; competition with numerous other manufacturers and
distributors of consumer products; major retailers' strong bargaining
power; our ability to develop innovative new products and to develop,
maintain and strengthen our end-user brands; our ability to improve
productivity and streamline operations; our ability to integrate
previously acquired businesses; the risks inherent in our foreign
operations and those factors listed in the company's 2004 third
quarter Form 10-Q, including Exhibit 99.1 thereto, filed with the
Securities and Exchange Commission.
About Newell Rubbermaid
Newell Rubbermaid Inc. is a global marketer of consumer and
commercial products with 2003 sales of US$7 billion and a powerful
brand family including Sharpie(R), Paper Mate(R), Parker(R),
Waterman(R), Rubbermaid(R), Calphalon(R), Little Tikes(R), Graco(R),
Levolor(R), BernzOmatic(R), VISE-GRIP(R), IRWIN(R) and LENOX(R). The
company is headquartered in Atlanta, Ga., and employs over 33,000
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