Newell Rubbermaid Inc. announced 3 January 2006 that it has completed the previously announced sale of its Newell Cookware Europe business to Arc International S.A. The Newell Cookware Europe business…
Newell Rubbermaid Inc. announced 3 January 2006 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 USD 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 Newell Rubbermaid “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 are unaffected by the divestiture. In connection with the transaction, the company continues to expect to record a total net loss in 2005 of approximately USD 25-35 million, approximately USD 23 million of which was recorded as a non-cash impairment charge in the 3Q of 2005. The loss will be reported as discontinued operations for 2005.