Newell Rubbermaid (NYSE:NWL) is to sell its Décor business to window coverings specialist Hunter Douglas for $270mln.
The funds will be used to pay down debt.
"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's president and chief executive officer.
“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," Polk added.
The transaction will see the Levolor and Kirsh window covering brands come under the control of Hunter Douglas.
Newell Rubbermaid shares were off 0.6% at $41.93 in early deals.