Newell Rubbermaid Sells Levolor and Kirsch Window Covering Brands
Newell Rubbermaid (NYSE: NWL) has agreed to sell its Levolor and Kirsch window covering brands to Hunter Douglas for $270 million, as it continues to restructure its portfolio though M&A. Both Levolor and Kirsch sell Window blinds and shades and generated $302 million in sales in 2015. Hunter Douglas, based in Pearl River, New York, also sells shades.
“The announced sale of our Décor business further strengthens our portfolio as we focus our investment behind our highest potential growth opportunities,” says Newell Rubbermaid Michael Polk. Newell Rubbermaid (NYSE: NWL) wielded M&A in 2015 winning the company Mergers & Acquisitions' 2015 M&A Mid-Market Award for Strategic Buyer of the Year.
The most significant middle-market deal for the company was the purchase of the 65-year-old Elmer’s Products Inc., a $600 million transaction that closed in October. The company also announced it would buy the owner of Yankee Candle, and it sold some non-core businesses, such as Endicia and its mobile work station division. The moves were in keeping with the company’s Growth Game Plan, which was launched in 2012 to create a “larger, faster growing, more global and more profitable company.” One of the purposes of the new strategy is to allow Newell Rubbermaid to focus on businesses, such as writing, baby and parenting product lines. Robert W. Baird & Co. is advising Newell Rubbermaid.