Newell Rubbermaid Planning to Sell Ashland
May 3, 2013
In its report on results for the first quarter of 2013, Newell Rubbermaid announced plans to divest several non-strategic businesses, including Ashland Hardware Systems. Michael Polk, president and CEO, said the company is focusing on "a sharper set of portfolio choices to prioritize those businesses that have the greatest right to win."
Newell Rubbermaid plans to sell its Hardware and Teach Platform businesses–including the Bulldog, Shurline, Ashland and Amerock brands, the drapery hardware business, and Mimio–which together represented 2012 net sales of slightly more than $300 million.
"These are good businesses run by talented people but they do not fit with our strategy," Polk stated. "The divestiture of these businesses will help to create a faster growing, higher margin and more focused portfolio, enabling us to drive accelerated performance.”
Last year, Newell Rubbermaid took steps to consolidate Ashland's operations. It closed its Lowell, Ind., facility and moved all manufacturing operations to its Monterry, Mexico, plant.