Reorganization

One of the main objectives of the Acceleration project, is to reduce by a third the number of production factories in the Newell Rubbermaid Group. Unfortunately the replacement of production of the targetted sites cannot be done instantaneously. There is a great risk that the rapid transfer of production to countries with low-cost workforces will result in stock shortages, a fall in quality, with a loss in market share at stake. Hasty decisions will cause the writing instrument section to lose its profitability (currently the best in the group). I fear that this will ultimately have a regrettable impact on the Newell Rubbermaid Group's stock
prices.