Atlanta-based Newell Rubbermaid (NASDAQ:NWL) is getting out of the hardware business.

On Friday, Rubbermaid announced that it has agreed to sell its Hardware business, which includes the brands Amerock, Ashland, Bulldog, and Shur-Line, to private equity firm Nova Capital for approximately $214 million.

Valued on 2013 estimated sales of $255 million, Nova is paying approximately 0.84 times sales for the Hardware business. Rubbermaid's own P/S ratio is closer to 1.3, suggesting Rubbermaid is selling at a discount.

Rubbermaid said that after taxes it expects to net cash proceeds of approximately $175 million. Commenting on the sale, Rubbermaid CEO Michael Polk said in a statement: "The successful sale of our Hardware business will leave us with a focused, cohesive portfolio of brands in five core business segments, each of which have significant potential to grow through innovation, brand development and selective emerging market expansion. That's the Growth Game Plan in action." The five segments are tools, commercial products, writing, baby and parenting, and home solutions. Rubbermaid brands include Sharpie, Paper Mate, Rubbermaid, Irwin, and Graco.