Newell Rubbermaid to Sell Hardware and Teach Platform Businesses
Newell Rubbermaid Inc. (NWL), the maker of Sharpie pens and Calphalon cookware, put its Hardware and Teach Platform businesses up for sale as part of a restructuring plan to boost profitability.
The businesses, which include brands such as Bulldog, Ashland and Amerock, represented about $300 million in revenue in 2012, the Atlanta-based company said today in a statement. Total revenue last year was $5.9 billion, up less than 1 percent from the prior period.
Chief Executive Officer Michael Polk has been cutting jobs and reducing operating units in an effort to improve margins and boost sales outside the U.S. Last year, Newell announced plans to eliminate 10 percent of its workforce.
Separately, Newell today reported adjusted first-quarter earnings per share of 35 cents, topping the 32-cent average of analysts’ estimates compiled by Bloomberg.
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