Newell Rubbermaid completes sale of hardware business

Newell Rubbermaid announced it closed the sale of its hardware business, which includes the Amerock, Ashland, Bulldog and Shur-Line brands, to Nova Capital, a specialist acquirer of corporate and private equity portfolios.

The transaction was first announced in early August.

The company says gross proceeds from the transaction were $214 million, which includes the retention of accounts receivable. It will receive after-tax cash proceeds of approximately $175 million.

“The successful sale of our hardware business will leave us with a focused, cohesive portfolio of brands in five core business segments, each of which have significant potential to grow through innovation, brand development and selective emerging market expansion,” Newell Rubbermaid president and CEO Michael Polk said in a statement.

Newell Rubermaid continues to own Irwin Tools, Rubbermaid Commercial Products and Lenox bandsaw blades.