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Newell Rubbermaid 2 2014 Annual Report
IN 2014, NEWELL RUBBERMAID delivered a strong
set of full-year results with solid core sales growth,
increased normalized operating margin and record-
level normalized earnings per share. We achieved this
performance despite some significant headwinds —
including the negative impact of the strengthening
U.S. dollar and the choice to exit some of our less-
attractive product lines and businesses. This result
in the face of adverse conditions gives me great
confidence that we have proven ourselves to be a
much stronger and more resilient company.
Having now established a track record of consistent
delivery, we are building momentum as we progress
through the second phase of a three-phase
transformation under our Growth Game Plan strategy.
In the Strategic phase, we are investing in core
activity systems critical to our business success and
establishing an operating company structure that
releases the full potential of our $6 billion business.
We continue to unlock trapped capacity for growth
through Project Renewal, our multi-year cost savings
initiative, reinvesting much of the savings in new
capabilities and brand building to drive accelerated
growth. We have also strengthened our portfolio,
spending $600 million to acquire businesses
complementary to our core portfolio that are accretive
to growth, operating margin and normalized earnings
per share. At the same time, we announced the exit
of $125 million of less attractive, non-strategic sales.
And we continued to return significant value to
shareholders, spending over half a billion dollars on
share repurchases and increased dividends.
WINNING BIGGER TO DELIVER
STRONG RESULTS
In 2014, Newell Rubbermaid’s core sales grew
3 percent, despite approximately 60 basis points of
negative impact from planned exits of non-strategic
business in Europe, Middle East and Africa and in
BUILDING A
SUSTAINABLE
MODEL FOR
GROWTH
Michael B. Polk
President and
Chief Executive Ocer
In a few short years, Newell Rubbermaid has become
a faster-growing and leaner business, investing
in our brands at record levels and winning in
the marketplace in the U.S. and overseas.