Newell Rubbermaid to Sell Its Anchor Hocking Glass Business to Libbey Inc. for $332 Million
MONDAY, JUNE 18, 2001 9:01 AM
- PRNewswire
FREEPORT, Ill., Jun 18, 2001 /PRNewswire via COMTEX/ -- Newell Rubbermaid Inc. (NYSE:NWL), a world leader in products for home, office and commercial use, today announced that it has reached a definitive agreement to sell its Anchor Hocking glass business to Libbey Inc. for $332 million in cash. The deal is subject to regulatory and other customary approvals. Other terms of the agreement were not disclosed.
Libbey will acquire all of the business of Anchor Hocking, a leading manufacturer of glassware, bakeware and specialty glass items distributed across the United States and Canada. Anchor Hocking, which generated 2000 revenues of $216 million, owns and operates two manufacturing facilities, in Lancaster, Ohio and Monaca, Penn. The company employs approximately 1900 people and was acquired by Newell in 1987.
At its recent financial analyst meeting in New York, the company emphasized its commitment to implement a growth strategy focused on building large consumer brands supported by leading-edge product development, marketing innovation and a powerful retail presence. This transaction underscores Newell Rubbermaid's intention to divest non-strategic assets and re-deploy capital in a manner consistent with its new strategy.
Said Joseph Galli Jr., Newell Rubbermaid President and CEO: "This is a strategically significant move for us on several fronts. Selling a solid, but ultimately non-core business such as Anchor Hocking, allows us to sharpen our focus on product categories that we believe have the most attractive long-term growth prospects. The sale also provides a meaningful opportunity to strengthen our balance sheet in the near term and gives us future flexibility."
Newell Rubbermaid Inc. is a global marketer of consumer products with 2000 sales of nearly $7 billion and a powerful brand family including Sharpie(R), Paper Mate(R), Parker(R), Waterman(R), Rubbermaid(R), Calphalon(R), Little Tikes(R), Graco(R)/Century(R) and Levolor(R). The Company is headquartered in Freeport, Illinois and employs 48,800 people worldwide. For more information, visit the Company's web site at www.newellco.com .
The statements contained in this press release that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of major factors that could cause actual results to differ materially from those projected, refer to Newell Rubbermaid's 2000 Form 10-K, Exhibit 99, filed with the Securities and Exchange Commission.
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SOURCE Newell Rubbermaid Inc.
CONTACT: Jesse Herron, Manager, Investor Relations, 815-381-8133, or
fax, 815-381-8155, or Ken Ross, Vice President, Corporate Communications,
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