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ATLANTA, Feb. 25, 2008, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Newell Rubbermaid (NYSE: NWL) today announced the signing of a definitive agreement to acquire substantially all of the assets of Aprica Childcare Institute Aprica Kassai, Inc. ("Aprica"), a leading maker of strollers, car seats and other children's products, headquartered in Osaka, Japan. For the most recent fiscal year ended July 31, 2007, Aprica reported net sales of approximately $122 million. The transaction, which is subject to certain customary and other closing conditions, is expected to close in the first half of 2008. It is also expected to be slightly dilutive to earnings in 2008 and slightly accretive in 2009. Terms of the deal were not disclosed.
The acquisition will provide Newell Rubbermaid with a premium brand that has a leading position in Japan. Aprica has proprietary technology in lightweight strollers and car seats. The nearly 60 year-old brand has been recognized internationally for its extraordinary commitment to pediatric research and dedication to child safety.
"With the addition of Aprica, our Baby & Parenting Essentials global business unit will have three of the world's strongest brands within children's products," said Jay Gould, group president at Newell Rubbermaid. "To complement Graco, our leading global brand, we added Teutonia last year to accelerate our growth in Europe. Aprica now provides a significant platform for expansion in Asia."
"As part of Newell Rubbermaid, Aprica can now reach more consumers in more countries, while continuing our long history of innovation based on the latest child development research," said Yasuhito Kassai, president of Aprica.
As part of the transaction, Newell Rubbermaid plans to work with Aprica's founding family to establish a foundation for pediatric research, to drive product innovation and enhance the wellness of children.
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the proposed transaction between the Company and Aprica, the expected timetable for completing the transaction, benefits and synergies of the transaction, future opportunities for the combined company and products and any other statements regarding the future expectations, beliefs, goals or prospects of the Company or Aprica. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail economies; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; our ability to implement successfully information technology solutions throughout our organization; our ability to improve productivity and streamline operations; the risks inherent in our foreign operations and those factors listed in the company's most recent quarterly report on Form 10-Q, and Exhibit 99.1 thereto, filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with sales of over $6 billion and a strong portfolio of brands, including Rubbermaid(R), Sharpie(R), Graco(R), Calphalon(R), Irwin(R), Lenox(R), Levolor(R), Paper Mate(R), Dymo(R), Waterman(R), Parker(R), Goody(R), Bernzomatic(R) and Amerock(R). The company is headquartered in Atlanta, Ga., and has approximately 22,500 employees worldwide.
This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.
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