Printer Friendly

RUBBERMAID PROMOTES THREE, ANNOUNCES ACCOUNTING CHANGES

 RUBBERMAID PROMOTES THREE, ANNOUNCES ACCOUNTING CHANGES
 WOOSTER, Ohio, March 2 /PRNewswire/ -- Rubbermaid Incorporated


(NYSE: RBD) today announced the promotion of two officers and the election of a new officer. The company also announced that during the first quarter it plans to make two accounting changes and establish a reserve for costs of realigning and integrating certain operations.
 At its Feb. 28 meeting, the board of directors elected Richard D. Gates to the position of senior vice president, business development and investor relations, reflecting his new responsibilities for managing Rubbermaid's business development efforts. Gates' most recent assignment was senior vice president, investor relations and corporate communications.
 The board elected Donald G. Rubright as vice president, business development, and confirmed its previously announced intention to elect George C. Weigand as vice president and corporate controller succeeding Carl R. Bowers who retired. Rubright was most recently director of business development and Weigand was vice president, auditing and taxes.
 Rubbermaid also announced that during the first quarter of 1992 it will adopt FAS No. 109 "Accounting for Income Taxes" and that it will modify inventory accounting practices to better match production costs with revenues. The accounting changes will have a one-time favorable impact on net earnings of approximately $17 million and will be shown as a separate line item on the first quarter's earnings statement.
 The company further said it planned to establish a reserve of approximately $16.5 million (after tax) during the first quarter for the cost of actions to realign and integrate certain operations. According to Walter W. Williams, chairman of the board and chief executive officer, "The planned realignments will accelerate our use of focused factories, and help us streamline operations to better serve our customers and meet their changing needs.
 "All of these actions are very positive moves for Rubbermaid. We remain optimistic about the company's performance in the first quarter and anticipate the continuation of the positive trend of earnings," Williams concluded.
 -0- 3/2/92
 /CONTACT: Richard D. Gates, senior vice president of Rubbermaid Incorporated, 216-264-6464, ext. 2477/
 (RBD) CO: Rubbermaid Incorporated ST: Ohio IN: HOU SU: PER


KK -- CL009 -- 3784 03/02/92 09:26 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 2, 1992
Words:360
Previous Article:OMNET CORP. SHAREHOLDERS VOTE IN FAVOR OF PROPOSED MERGER WITH PERFORMANCE NUTRITION
Next Article:IVAX ENTERS INTO AGREEMENT TO ACQUIRE THE SOLOPAK DIVISION OF SMITH & NEPHEW, INC.
Topics:


Related Articles
BACKGROUNDER -- WOLFGANG R. SCHMITT RUBBERMAID INCORPORATED
RUBBERMAID REPORTS 50TH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS
RUBBERMAID ELECTS NEW BOARD MEMBER
RUBBERMAID NAMES NEW CFO AND TWO VPs
RUBBERMAID STRENGTHENS GLOBAL FOCUS, ANNOUNCES THREE NEW OFFICERS
Rubbermaid veteran joins Selfix.
Rubbermaid Reassigns Key Executive Responsibilities to Broaden Management and Accelerate Domestic and Global Growth
RUBBERMAID: SHUTTERING PLANT WILL BE BENEFICIAL IN LONG RUN.
RUBBERMAID LOOKS TO BOUNCE BACK THROUGH CHANGE.
GALLI DEPARTS NEWELL ON EVE OF RESTRUCTURE.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters