Esselte has confirmed that it is to sell its Dymo division to Newell Rubbermaid for approximately $730 million in cash, as opi.net had exclusively reported on 26 July.
Phil Damiano, the current president of Dymo, will continue to lead the business unit within Newell’s office products group.
Dymo generated global net sales of approximately $225 million in 2004. Esselte CEO Magnus Nicolin said in a statement: "Over the last three years we have invested heavily in Dymo to substantially build the business. Today’s announcement is a confirmation of our success in this effort."
Newell Rubbermaid CEO Joe Galli added: "This is an excellent example of our commitment to transform our portfolio into a focused group of leadership platforms through investment in high-quality brands with a proven track record of bringing innovative new products to the category."
The acquisition, which is expected to close by year-end, is subject to regulatory approvals and other customary closing conditions.