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NEWELL CO. ANNOUNCES AGREEMENT TO DIVEST CLOSURES BUSINESS

 NEWELL CO. ANNOUNCES AGREEMENT TO DIVEST CLOSURES BUSINESS
 FREEPORT, Ill., Oct. 26 /PRNewswire/ -- Newell Co. (NYSE: NWL) announced today that it has entered into a definitive agreement with CarnaudMetalbox, a multinational packaging company headquartered in Paris, for the purchase of Newell's closures business. The sale would include Newell U.S. and Canadian packaging closures operations, which had 1991 sales of approximately $150 million. Newell is divesting its closures business because it no longer fits into the company's long-range plans. Completion of the sale is subject to certain conditions and approvals, including U.S. government regulatory review, and is targeted for completion by year end 1992. Newell will use the proceeds from the sale to reduce debt.
 Newell manufactures and markets high-volume hardware/housewares, office and industrial products. Hardware/housewares products are sold principally through discount, variety, chain and hardware stores, hardware and housewares distributors and home improvement centers. Office products are sold through mass-market chains, office product superstores and office product dealers and wholesalers. Industrial products are sold directly and through distributors to volume purchasers.
 -0- 10/26/92
 /CONTACT: William T. Alldredge, VP-finance of Newell, 815-961-2114/
 (NWL) CO: Newell Co. ST: Illinois IN: HOU SU:


EH-BP -- SD002 -- 4744 10/26/92 11:45 EST
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Publication:PR Newswire
Date:Oct 26, 1992
Words:205
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