ATLANTA, March 24, 2015 (GLOBE NEWSWIRE) -- Newell Rubbermaid Inc. (NYSE:NWL) today announced it has entered into a definitive agreement to sell Endicia, a developer of global online shipping solutions, to Stamps.com, a leading provider of online postage solutions based in El Segundo, CA.
2014 adjusted sales for Endicia were approximately $59 million and were included in income from discontinued operations. The purchase price is approximately $215 million, subject to customary working capital and transaction adjustments. The transaction is expected to close by the end of 2015, subject to certain customary conditions, including regulatory approvals. Robert W. Baird & Co. acted as financial advisor to Newell Rubbermaid on the transaction.
"The announced sale of our Endicia business furthers our strategy of strengthening and focusing our portfolio to create a faster growing, higher margin business," said Michael Polk, Newell Rubbermaid President and Chief Executive Officer. "While a very attractive asset, Endicia is not focused in the core of our portfolio, and under new ownership is in an exciting position to continue innovating and offering the best possible solutions and service for its customers and partners."
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Contigo®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger® 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 required regulatory approvals will be obtained, whether and when the closing conditions will be satisfied and whether and when the transaction will close. Please refer to the cautionary statements set forth in the "Forward-Looking Statements" section of the Company's most recently filed Annual Report on Form 10-K as well as the risk factors set forth in Item 1A thereto, for other factors that could affect our business.
CONTACT: Nancy O'Donnell Vice President, Investor Relations (770) 418-7723 Nicole Quinlan Senior Manager, Global Communications (770) 418-7251