ATLANTA (AP) -- Newell Rubbermaid Inc. said Friday that it had agreed to sell its hardware business to investment firm Nova Capital for about $214 million in overall proceeds before taxes.
Newell said the sale will leave it with a strong portfolio of brands with potential for growth. The deal is expected to close sometime during the third quarter. It said it expects its after-tax proceeds from the deal will total about $175 million.
The hardware business, which includes the company's Amerock, Ashland, Bulldog and Shur-Line brands, is expected to generate sales of about $255 million this year, the consumer products company said.
Newell Rubbermaid, which also sells Sharpie pens, Rubbermaid containers and other items, generated $5.6 billion overall in 2012.
Atlanta-based Newell Rubbermaid's shares fell 11 cents to $26.70 in afternoon trading.