Newell Rubbermaid (NYSE:NWL), Atlanta, GA, has agreed to acquire activity-based adhesive and cutting products provider Elmer’s Products Inc. from an affiliate of investment management company Berwind Corp. for $600 million.
Elmer’s, with projected 2015 sales of $240 million, will be reported as part of Newell Rubbermaid’s writing segment.
“The acquisition of Elmer’s strengthens our market-leading writing segment with three outstanding arts and craft brands that will not only enhance our merchandising scale in the key Back to School drive period, but offer great cross-selling and distribution synergies given the strong overlap with Newell’s retailer and channel footprint,” said Michael Polk, president & CEO of Newell Rubbermaid.
Newell Rubbermaid also plans to divest its window coverings business, with projected 2015 sales of $310 million.
