Sandy Springs-based Newell Rubbermaid is selling its hardware business to Nova Capital for $214 million.
The business includes the Amerock, Ashland Hardware Systems, Bulldog Hardware and Shur-Line brands, which have combined revenue of $255 million.
Newell Rubbermaid, which has a wide array of consumer brands, has been cutting costs by shedding business units while focusing more on stronger products. In July it announced the sale of its Mimio and Headsprout interactive teaching technology brands to Skyview Capital.
“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,” Newell Rubbermaid President and CEO Michael Polk said in announcing the latest sale..
Amerock, based in Atlanta, and Ashland and Bulldog, both based in Huntersville, N.C., make home-related products such as cabinet hardware and picture-hanging accessories, along with fasteners.Shur-Line, also based in Huntersville, produces paint-related products for do-it-yourself jobs.
Newell Rubbermaid’s other brands cover a range of products, from writing instruments such as Sharpie, Parker and Paper Mate to baby products made by Graco and home products such as Calphalon pots, Levolor blinds and Rubbermaid plastic food containers.
Nova Capital has investments in 29 businesses in North America, Europe and Asia.
Newell Rubbermaid said it expects after-tax proceeds of about $175 million from the deal.
Nick Morrisroe, vice president and general manager of hardware for Newell Rubbermaid, will continue in the roles for the combined businesses, Nova Capital said.
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