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9 months ago
BRIEF-Newell Brands to sell its tools business to Stanley Black & Decker for $1.95 bln
October 12, 2016 / 10:51 AM / 9 months ago

BRIEF-Newell Brands to sell its tools business to Stanley Black & Decker for $1.95 bln

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Oct 12 (Reuters) - Newell Brands Inc :

* Newell Brands announces agreement to sell tools brands to Stanley Black & Decker

* Gross proceeds from divestiture are expected to be $1.95 billion

* Newell Brands Inc - gross proceeds from divestiture are expected to be $1.95 billion

* Newell Brands - proceeds to be primarily used to pay down debt in furtherance of goal of achieving leverage ratio of 3-3.5 times EBITDA by end of 2018

* Newell Brands Inc - if deal were to be completed on dec 31, 2016 , co would expect normalized EPS dilution of about $0.15 on an annualized basis

* Newell Brands will retain its Dymo(reg) industrial labeling business within reported tools segment

* Total 2015 net sales of remaining businesses held for sale is approximately $700 million

* Newell Brands - sales processes are underway and company hopes to complete divestiture of remaining assets held for sale within first half of 2017 Source text for Eikon: Further company coverage:

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