Newell Rubbermaid sells its window coverings business

Newell Rubbermaid is selling its Levolor and Kirsch window coverings brands to Hunter Douglas for $270 million.

The gross proceeds include the retention of accounts receivable, but the purchase price is subject to customary adjustments. The proceeds will be used to pay down debt for Newell Rubbermaid.

"The announced sale of our Décor business further strengthens our portfolio as we focus our investment behind our highest-potential global growth opportunities," said Michael Polk, Newell Rubbermaid president and CEO. “We believe the Décor business will benefit from being part of Hunter Douglas, an owner more strategically committed to building and investing in the window coverings market."

The transaction is expected to close in 2016, subject to certain customary conditions, including regulatory approvals.