Newell Rubbermaid agrees to sell Endicia business

Newell Rubbermaid Inc. has agreed to sell its Endicia shipping business to Stamps.com, a provider of online postage solutions based in El Segundo, California.

Endicia is a developer of global online shipping solutions. Last year, it netted sales of approximately $59 million.

"The announced sale of our Endicia business furthers our strategy of strengthening and focusing our portfolio to create a faster growing, higher margin business," said Michael Polk, Newell Rubbermaid president and CEO. "While a very attractive asset, Endicia is not focused in the core of our portfolio, and under new ownership is in an exciting position to continue innovating and offering the best possible solutions and service for its customers and partners."

Stamps.com is purchasing the business for approximately $215 million, subject to customary working capital and transaction adjustments.

The deal is expected to be complete by the end of 2015, subject to closing conditions and regulatory approvals.