Newell Rubbermaid Sells Ashland to Nova Capital
Newell Rubbermaid Inc. has entered into a definitive agreement to sell its hardware business, which includes the Ashland, 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, with gross proceeds of $214 million, according to a release.
“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,” says Michael Polk , Newell Rubbermaid president and CEO.