Newell Rubbermaid plans to sell division

Newell Rubbermaid Inc. announced that it has entered into an agreement for the intended sale of the company’s Curver business unit to Jardin International Holding BV. Curver is the company’s European indoor organization and home storage division, with 2004 revenues of approximately $140 million. The sale, subject to various conditions, including consultation with trade unions and employees, is consistent with the Newell Rubbermaid’s intention to divest non-strategic businesses, according to the company’s CEO Joseph Galli. This plan calls for the company to concentrate on leveraging brand strength and product innovation in its core portfolio of businesses.
The transaction will result in an estimated non-cash loss of approximately $75 to $95 million in the first quarter of 2005. Newell Rubbermaid’s Canadian head office is located in Mississauga, ON.