Market Overview

Newell Brands Completes Window Coverings Business Divestment To Hunter Douglas

Share:
Newell Brands Completes Window Coverings Business Divestment To Hunter Douglas
Related NWL
Barclays' Ratings Review: 2 Favorites, An Upgrade And 2 Downgrades
Watch These 5 Huge Put Purchases In Thursday Trade

Newell Brands Inc (NYSE: NWL) revealed Friday it closed the divestment of its Levolor and Kirsch window coverings brands to Hunter Douglas, a worldwide leader in window coverings.

Newell Brands said gross proceeds from the divestments were approximately $270 million including the retention of accounts receivable. The company added that its net proceeds of the sale would be used for debt repayment, in line with its capital allocation priority and commitment to achieve a target leverage ratio of 3.0–3.5 times in the next two to three years.

Related Link: Brexit Haunts These 8 Stocks, Creating Unwarranted Drops

The company's CEO Michael Polk said, "This transaction strengthens our portfolio as we become even more focused on our highest-potential growth opportunities. 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."

At time of writing, Newell was up 0.78 percent on the day at $48.95.

Posted-In: Hunter Douglas Kirsch Levolor Michael PolkNews Asset Sales

 

Related Articles (NWL)

View Comments and Join the Discussion!