EXHIBIT 99.1
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PRESS RELEASE DATED APRIL 1, 2002
NEWELL RUBBERMAID NAMES
ERNST & YOUNG AS INDEPENDENT AUDITORS
FREEPORT, Ill., April 1, 2002 - Newell Rubbermaid Inc. (NYSE: NWL)
today announced that its board of directors has appointed the
accounting firm Ernst & Young LLP as the company's independent
auditors, replacing Arthur Andersen LLP. Andersen has served as the
company's auditors since 1984.
This appointment concludes a comprehensive review of the outside
accounting services provided to the company and a rigorous process to
select an independent auditor for 2002. The company said its decision
to change accountants was made to ensure that Newell Rubbermaid's
shareholders continue to have the utmost confidence in the integrity
of the company's financial statements.
The company said that during Arthur Andersen's tenure as the company's
auditor, it consistently met the company's strict standards of audit
service and exhibited the highest levels of professionalism. The
company added that an orderly and expeditious transition will be
completed in time for Ernst & Young to review the company's first
quarter earnings report to be released on May 1, 2002.
Newell Rubbermaid is filing a Form 8-K with the Securities and
Exchange Commission detailing the change in independent public
accountants.
Newell Rubbermaid Inc. is a global marketer of consumer products with
2001 sales of nearly $7 billion and a powerful brand family including
Sharpie{R}, Paper Mate{R}, Parker{R}, Waterman{R}, Rubbermaid{R}, Blue
Ice{R}, Calphalon{R}, Little Tikes{R}, Graco{R}/Century{R},
Levolor{R}, Kirsch{R}, Shur-Line{R}, and Eldon{R}. The company is
headquartered in Freeport, Illinois and employs 49,000 people
worldwide. For more information, visit the company's web site at
www.newellco.com.
Contact: Jesse Herron, Director - Investor Relations, 815-381-8150,
fax, 815-381-8155, Ken Ross, VP Corp. Communications, or Victoria
Gilbert, Mgr. Corp. Communications, 815-381-8151, fax, 815-381-8176,
all of Newell Rubbermaid Inc.