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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies

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To: TokyoMex who wrote ()	6/1/2000 7:04:00 PM
From: beats_the_s_p500	of 119973

Gillette in Talks to Sell Unit to Newell Rubbermaid By Justin Dini TheStreet.com/NYTimes.com Staff Reporter 6/1/00 6:16 PM ET Gillette (G:NYSE - news - boards) said Thursday that it had begun exclusive negotiations to sell its struggling stationary products business to Newell Rubbermaid (NWL:NYSE - news - boards). The stationary products division, which includes Paper Mate pens and Liquid Paper white-out could fetch around $900 million, according to J.P. Morgan analyst Sally Dessloch. Dessloch said in February that office products companies have been changing hands an average of 1.3 times sales. Last year, Gillette's stationary products division posted sales of $743 million. Dessloch estimated that Gillette's division would fetch a multiple slightly below that number due to its declining profitability. Gillette declined to comment on a sale price. In October, Gillette began an internal review of the stationary products division. In February, Boston-based Gillette tapped investment bank Merrill Lynch to help it find a buyer for the business, which has seen its profits lag in recent years. Gillette shares closed up 1 3/8, or 4%, at 34 3/4. Newell Rubbermaid, based in Freeport, Ill., saw its shares rise 1/2, or 2%, to close at 26 3/4. -------------------------------------------------------------------------------- Send letters to the editor to letters@thestreet.com. Read our conflicts and disclosure policy. Order reprints of TSC articles. Top

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