BUSINESS MEMO: NEWELL ACQUISITION

Newell Co., headquartered in Freeport, Ill., is acquiring Rubbermaid Inc., in a $5.8 billion stock deal.

Newell's product line includes Levelor window blinds, Calphalon cookware, Ace combs, Rolodex address organizers and closet organizers. Rubbermaid makes plastic storage containers, Little Tikes toys and Graco strollers.

The purchase would create a company known as Newell Rubbermaid. In the deal, Rubbermaid shareholders would get 0.7883 shares of Newell common stock for each share of Rubbermaid. Recent closing stock price of Newell was $38.68. Rubbermaid was $25.88.

Newell said it has made 75 acquisitions in 30 years and specializes in sales to discount retailers. In 1993, the company purchased Lee-Rowan, which employs about 900 people at Jackson.

The Jackson facility, which has a number of buildings, with almost a million square feet under roof, is undergoing a $1.5 million expansion, resulting in 100 more jobs and 104,000 square feet of additional space.