Black & Decker Corp. has closed on the sale of its household products business in North America and Latin America, excluding Brazil, to Windmere-Durable Holdings Inc. for $315 million.
The Towson-based company said yesterday that it will transfer its household products manufacturing plants in Mexico as soon as it gets final regulatory approval there.
Though it is shedding items such as the Spacemaker appliances and Toast-R-Ovens, the company will keep its lighting and cleaning products, including the Dustbuster cordless vacuum. Those products will be folded into the consumer power tool operations.
Black & Decker put its struggling household products business up for sale in January, when it also announced a cost-cutting plan to boost profits.
The sale is the first step in a three-part divestiture. The company plans to sell two other businesses, True Temper Sports golf club shafts and Emhart Glass, this summer, with proceeds expected to exceed $500 million for the sale of all three, Chairman and Chief Executive Nolan D. Archibald said in a statement yesterday.
Pub Date: 6/27/98