ATLANTA, Jan. 3 /PRNewswire-FirstCall/ -- Newell Rubbermaid Inc.
(NYSE: NWL) today announced that it has completed the previously announced
sale of its Newell Cookware Europe business to Arc International S.A. The
Newell Cookware Europe business contributed approximately $115 million of
revenue in 2004, reported in the company's Home & Family segment, primarily
under the brands Pyrex(R) (used under exclusive license from Corning
Incorporated and its subsidiaries in Europe, the Middle East and Africa only)
and Vitri(R).
This transaction is consistent with the company's intention to invest in
strategic brands, achieve a best cost position and strengthen its portfolio.
The company's other European businesses and the company's Calphalon business
will not be affected by this divestiture.
In connection with this transaction, the company continues to expect to
record a total net loss in 2005 of approximately $25-$35 million,
approximately $23 million of which was recorded as a non-cash impairment
charge in the third quarter of 2005. The loss will be reported as
discontinued operations for 2005.
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature
constitute forward-looking statements. These forward-looking statements
relate to information or assumptions about the effects of Project
Acceleration, sales, income/(loss), earnings per share, operating income or
gross margin improvements, capital and other expenditures, cash flow,
dividends, restructuring, impairment and other charges, potential losses on
divestiture, costs and cost savings and the value thereof, debt ratings, and
management's plans, projections and objectives for future operations and
performance. These statements are accompanied by words such as "expect,"
"project," "will," "enable," "estimate," and similar expressions. Actual
results could differ materially from those expressed or implied in the
forward-looking statements. Important factors that could cause actual results
to differ materially from those suggested by the forward-looking statements
include, but are not limited to, our dependence on the strength of retail
economies in various parts of the world; competition with numerous other
manufacturers and distributors of consumer products; major retailers' strong
bargaining power; changes in the prices of raw materials used by the company;
our ability to develop innovative new products and to develop, maintain and
strengthen our end-user brands; our ability to expeditiously close facilities
and move operations in the face of foreign regulations and other impediments;
our ability to implement successfully information technology solutions
throughout our organization; our ability to improve productivity and
streamline operations; our ability to complete strategic acquisitions; our
ability to integrate previously acquired businesses; the risks inherent in our
foreign operations and those factors listed in the company's most recent Form
10-Q or 10-K, including Exhibit 99.1 thereto, filed with the Securities and
Exchange Commission.
About the Company
Newell Rubbermaid Inc. is a global marketer of consumer and commercial
products with 2004 sales of $6.4 billion and a powerful brand family including
Sharpie(R), Paper Mate(R), EXPO(R), DYMO(R), Waterman(R), IRWIN(R), LENOX(R),
BernzOmatic(R), Rubbermaid(R), Graco(R), Calphalon(R) and Goody(R). The
company is headquartered in Atlanta, Ga., and has approximately 30,000
employees worldwide.
This press release and additional information about the company are
available on the company's web site at http://www.newellrubbermaid.com.
SOURCE Newell Rubbermaid Inc.
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Related links:
http://www.newellrubbermaid.com
Company News On-Call:
http://www.prnewswire.com/comp/138728.html
CONTACT:
Nancy de Jonge Davis, Vice President,
Investor Relations & Corporate Communications, or Susan Masten,
Director, Public Relations, of Newell Rubbermaid,
+1-770-407-3994, or fax +1-770-407-3983
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