STAMFORD, Conn., Nov. 24--PRNewswire-AsiaNet/InfoQuest Esselte Group Holdings AB (publ), a leading global office supplies company, today announced the completion of the divestiture of its DYMO labeling business to Newell Rubbermaid, a global marketer of consumer and commercial products, for approximately $730 million. "After taking Esselte private in July 2002, we invested heavily in the DYMO business through personnel, advertising and accelerated product development," said Magnus Nicolin, president and CEO of Esselte. "The sale of DYMO is validation that our strategy for building value was solid." The divestiture of the DYMO business will allow Esselte to pay off substantially all of its current debt and concentrate on its remaining core business of organization and presentation solutions, such as filing, desktop and binding and lamination products. In addition, Esselte intends to increase its investment in Xyron, a leading marketer of proprietary hobby and craft products to fully leverage this rapidly growing market. "With the opportunity to accelerate innovation further and with renewed focus on our core business of organizational solutions and craft products, I am excited about our prospects for the future," stated Nicolin. In connection with the completion of the divestiture of its DYMO labeling business, Esselte called for redemption its outstanding 7.625% senior notes due in 2011, in accordance with the note indenture. About Esselte Esselte, with executive offices in Stamford, Conn., USA, is the leading global office supplies manufacturer with annual sales of approximately USD 1 billion, subsidiaries in 33 countries and approximately 5,000 employees worldwide. The company develops innovative solutions that simplify the modern home and workplace. Esselte sells more than 20,000 different office & craft products in over 120 countries; its principal brands include Esselte, Leitz, Oxford, Pendaflex and Xyron. More information about Esselte can be found by visiting http://www.esselte.com SOURCE: Esselte Group Holdings CONTACT: Chris Curran of Esselte Group Holdings, +1-203-355-9022, [email protected] Web site: http://www.esselte.com --Distributed by AsiaNet (www.asianetnews.net)--