Newell Rubbermaid Sells Glassware Unit to Libbey

Newell Rubbermaid Inc. agreed to sell its Anchor Hocking glassware business to Libbey Inc. for $332 million to focus on its Calphalon pots, Sharpie markers and Rubbermaid buckets and organizers.

Anchor Hocking, which makes baking dishes, drinking glasses and specialty-glass products, had sales of $216 million last year and employs 1,900. Libbey, the largest North American glassware maker, said the cash purchase will add 10 cents to 15 cents a share to earnings after the first year of ownership.

Newell Chief Executive Joseph Galli is selling businesses and said he’s cutting more than 3,000 jobs to boost profit and sales. The Freeport, Ill.-based company, which reported a 50% drop in first-quarter earnings, reduced its 2001 profit forecast in February and May.

On the NYSE, Newell Rubbermaid fell 22 cents to close at $24.88 while Toledo, Ohio-based Libbey rose $1.75 to close at $34.20.