Management buy-out

The American Newell Rubbermaid Corporation intends to sell its subsidiary, Home Decor Europe. The Home Decor business in Britain has already been disposed of. Now on the agenda is a management buy-out for the Gardinia Home Decor Group of Isny, Germany, which represents the Central and Eastern Europe area of operation. Managing director Reinhard Heidemann is acquiring 51 per cent of the shares, and the Dutch Hunter Douglas Group 49 per cent. The management buy-out is linked with the intended sale of further parts of Home Decor Europe to Hunter Douglas. Also affected by these changes are the subsidiaries in Portugal and Scandinavia. The remaining parts of the Home Decor Europe subsidiary are to be sold as well.