ATLANTA–(BUSINESS WIRE)–Newell Brands Inc. (NYSE: NWL) announced today that it has closed the sale of its Levolor® and Kirsch® window coverings brands (“Décor”) to Hunter Douglas, a worldwide leader in window coverings.
“This transaction strengthens our portfolio as we become even more focused on our highest-potential growth opportunities”
“This transaction strengthens our portfolio as we become even more focused on our highest-potential growth opportunities,” said Newell Brands Chief Executive Officer Michael Polk. “I am pleased that our dedicated window coverings employees will be joining the Hunter Douglas organization. This category is a core business to Hunter Douglas and they will clearly commit to the strategic development of the brands and the category.”
Gross proceeds from the transaction were approximately $270 million, which includes the retention of accounts receivable. The net proceeds of the sale will be used for debt repayment, in line with the Newell Brands capital allocation priority and commitment to achieve a target leverage ratio of 3.0 to 3.5 times over the next two to three years.
About Newell Brands
Newell Brands (NYSE: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Jostens®, Marmot®, Rawlings®, Irwin®, Lenox®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, Waddington and Yankee Candle®. Driven by a sharp focus on the consumer, leading investment in innovation and brands, and a performance-driven culture, Newell Brands helps consumers achieve more where they live, learn, work and play.