ATLANTA, Oct. 17, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NYSE:NWL) announced today that it has signed a definitive agreement to acquire the assets of bubba brands, inc. ("bubba"), a wholly owned subsidiary of In Zone Holdings, Inc.
A leading designer and marketer of durable beverage containers, bubba is expected to deliver over $50 million of net sales in 2014. The acquisition will expand Newell Rubbermaid's presence in on-the-go thermal and hydration beverageware, leveraging the company's recent acquisition of the Contigo® and Avex® brands, and is expected to be accretive to Newell Rubbermaid's net sales growth rate, normalized operating income margin and normalized EPS within the first year.
Newell Rubbermaid President and CEO Michael Polk said, "The acquisition of bubba further strengthens our position as a leader in one of the fastest-growing consumer durables categories in North America. We are excited to add this innovative brand to the portfolio. In combination with the Contigo, Avex and Rubbermaid® brands, the agreement to acquire bubba represents a tremendous opportunity to strengthen our growth agenda as we drive our Growth Game Plan strategy into action."
The acquisition will be financed through organic cash flow and available borrowings and is expected to close this month, subject to customary closing conditions. Additional details will be provided during the company's third quarter 2014 earnings call on October 31.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Contigo®, Levolor®, Calphalon®, Goody®, Graco®, Aprica® and Dymo®. As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.
This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Factors that may affect actual results include, but are not limited to: whether and when the closing conditions will be satisfied and whether and when the transaction will close, whether and when the Company will be able to realize the expected financial results and accretive effect of the transaction, and how customers, competitors, suppliers and employees will react to the transaction. Please refer to the cautionary statements set forth in the "Forward-Looking Statements" section of the Company's most recently filed Quarterly Report on Form 10-Q as well as the risk factors set forth in Exhibit 99.1 thereto, for other factors that could affect our business.
CONTACT: Nancy O'Donnell Vice President, Investor Relations (770) 418-7723 Nicole Quinlan Senior Manager, Corporate Communications (770) 418-7251