Newell Rubbermaid closes sale of hardware unit
Newell Rubbermaid closes sale of hardware business to investment firm Nova Capital
ATLANTA (AP) -- Consumer products company Newell Rubbermaid on Wednesday said it completed the sale of its hardware business to investment firm Nova Capital.
Newell Rubbermaid announced the deal last month, saying it was selling the business for about $214 million in overall proceeds before taxes. The Atlanta company will receive after-tax proceeds of about $175 million.
The hardware business includes the Amerock, Ashland, Bulldog and Shur-Line brands.
Newell Rubbermaid sells Sharpie pens, Rubbermaid containers and other items. It had 2012 sales of $5.9 billion.
Shares of Newell closed Tuesday at $26.32, near the high end of their 52-week trading range of $18.58 to $28.47, and up about 18 percent since the start of the year.
