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Newell Rubbermaid Inc. has entered into a definitive agreement to sell Anchor® Glass, along with two other businesses (Burnes® Picture Frame and Mirro® Cookware), to Global Home Products, LLC, an affiliate of Cerberus Capital Management L.P. This transaction is consistent with the company's intention to divest non-strategic businesses and concentrate on leveraging brand strength and product innovation in its core portfolio of businesses. Closing of the transaction is subject to regulatory approval and certain other customary conditions.
In 2003, the three businesses contributed approximately $695 million of sales in the Calphalon® Home Segment. Under the terms of the agreement, the company will retain the accounts receivable of the businesses and expects gross proceeds as a result of the transaction to be approximately $310 million. Other terms of the agreement were not disclosed.
For more information, call (770) 670-2215 or visit the Investor Relations section of the company's website at www.newellrubbermaid.com.