Newell Rubbermaid Inc. of Sandy Springs, Ga., has offloaded its United Kingdom-based extrusion and injection molding subsidiary that operates as Homelux Nenplas Ltd. in Ashbourne, England.
Managers bought the business June 29, backed by Aberdeen Asset Managers Ltd. of Aberdeen, Scotland, and financing from Yorkshire Bank. Kroll Corporate Finance Ltd. of Birmingham, England, arranged the deal, officials said.
Newell had owned the company since 1999 and divested it to concentrate on core businesses, according to Newell.
Alan Emery, who retired as managing director of Homelux in 2004, led the buyout and will return to the company as chief executive officer. The board will include Homelux commercial director Rob Butcher and operations director Gary Horrobin. Andrew Ferguson of Aberdeen Asset Managers Growth Capital also will sit on the board.
Emery was not available for an interview before deadline. In a news release, he said the company suffered in recent years from too little investment in product development and marketing.
``We intend to revitalize the Homelux and Nenplas brands through increased investment in the rapid development of new products,'' he said.
In a July 6 telephone interview from Homelux's office in Ashbourne, new-product development manager Murray Swinfield said the company operates one facility in the United Kingdom. That facility will be expanded, although Swinfield could not provide details.
Homelux makes products for several markets, including profile extrusions for corner joints, handles, slat wall inserts and flat strips. The markets it serves includes tiling, furniture and motor homes. It also does PVC compounding for markets including window profiles, food packaging and flexible PVC grades. It employs more than 100.