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Newell Rubbermaid Announces $300 Million Stock Repurchase Program

^{Published on 2011-08-12 04:36:03 - Market Wire}
 

ATLANTA--([ BUSINESS WIRE ])--Newell Rubbermaid (NYSE: NWL) announced today that its Board of Directors has approved a $300 million stock repurchase program. Under the program, the company's common shares may be purchased through a combination of a 10b5-1 automatic trading plan and discretionary purchases on the open market or in privately negotiated transactions. The amount and timing of any purchases will depend on a number of factors, including trading price, trading volume and general market conditions. The program is authorized to run through August 2014.

"We are committed to investing in strategic initiatives to accelerate core sales growth and to reducing our outstanding debt. We believe the repurchase program offers an additional compelling opportunity to return value to our shareholders."

"Todaya™s Board action affirms our confidence in Newell Rubbermaida™s strategic agenda as well as the companya™s ability to generate strong free cash flow,a said Michael Polk, Newell Rubbermaid's President and Chief Executive Officer. "We are committed to investing in strategic initiatives to accelerate core sales growth and to reducing our outstanding debt. We believe the repurchase program offers an additional compelling opportunity to return value to our shareholders.a

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2010 sales of approximately $5.8 billion and a strong portfolio of brands, including Rubbermaid^®, Sharpie^®, Graco^®, Calphalon^®, Irwin^®, Lenox^®, Levolor^®, Paper Mate^®, Dymo^®, Waterman^®, Parker^®, Goody^®, and Aprica^®.

This press release and additional information about Newell Rubbermaid are available on the companya™s Web site, [ www.newellrubbermaid.com ].

Caution Concerning Forward-Looking Statements

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 effects of sales, income/(loss), earnings per share, operating income or gross margin improvements or declines, Project Acceleration, the European Transformation Plan, the Capital Structure Optimization Plan, capital and other expenditures, cash flow, dividends, restructuring and restructuring related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "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, commercial and industrial sectors of the economy in light of the global economic slowdown; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; 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; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations and those factors listed in the companya™slatest 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.

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