Newell Rubbermaid - Definitive Agreement On Sale Of Three Businesses

Newell Rubbermaid Inc, recently announced that it had reached a definitive agreement to sell its Burnes Picture Frame, Anchor Glass and Mirro Cookware units to an affiliate of private-investment firm Cerberus Capital Managment LP. Specific terms were not disclosed, but Newell Rubbermaid said it expects gross proceeds of around $310M. The company will also keep the accounts receivable of the business, which generated sales of about $695M in 2003.