Newell Rubbermaid Inc will be putting up its Hardware and Teach Platform businesses. This is part of the restructuring plan for the maker of Sharpie pens and Calphalon cookware to boost overall profits.
The business to be sold would include renowned brands such as Bulldog, Ashland and Amerock, is said to have earned US$300 million in revenues for 2012. In a statement from the Atlanta based company, total revenues was at US$5.9 billion, just a hop of less than 1% from the previous year.
The plan being done by Chief Executive Officer Michael Polk is letting workers go and reduction of operating units to improve margins and increase sales in areas outside the United States. Previously, Newell had announced it would be letting go about 10% of its overall workforce.
In trading in New York, Newell share prices increased by 1.1% to US$26.39 and shares have increased by 19% this year compared to just 12% in the S&P 500 index.
In a separate announcement, Newell said its adjusted first quarter earnings was at US$0.35 per share, which is above the forecasted average of just US$0.32 per share obtained by Bloomberg.
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