ATLANTA – Newell Rubbermaid Inc., maker of Sharpie pens and Rubbermaid trash cans, said Monday it is


selling its Little Tikes children’s toys and furniture business to MGA Entertainment Inc. for an undisclosed price.

The Atlanta-based company said the deal is expected to close in the fourth quarter, pending regulatory approval and the consultation of trade unions and employee groups in certain affected European countries.

Little Tikes makes children’s toys, furniture and related items for consumers. It brought in about $250 million in revenue for Newell Rubbermaid in 2012. MGA Entertainment, based in Van Nuys, Calif., is a family and children’s entertainment company. It makes toys and games, dolls, consumer electronics and sporting goods, among other things.

Newell Rubbermaid in recent years has been restructuring its business, discontinuing or selling some operations so it can focus on others.

The company expects to record a net gain of $15 million to $25 million in the fourth quarter related to the Little Tikes sale. But, as a result of reclassifying Little Tikes as discontinued operations in the third quarter, full-year earnings per share from continuing operations, excluding charges, are expected to decline by 3 cents to 4 cents, Newell Rubbermaid said.

The company said it is still maintaining its third quarter and fiscal year 2013 earnings guidance issued in July.

Shares of Newell Rubbermaid rose $1.18, or 4.4 percent, to $28.18 in early trading on the New York Stock Exchange.