Newell Rubbermaid reported improved sales for the third quarter and also announced Project Renewal, an initiative that it says will simplify and realign the structure of the company.

The company's Office Products segment posted third quarter net sales of $474.9 million, a 5.5% increase over last year with foreign currency having a 3.3 percent positive impact on sales. Driving the year over year core sales improvement of 2.2 percent was a healthy Back To School performance, particularly in North America, as well as high single digit growth in the Technology business.

Project Renewal is a global initiative designed to reduce the complexity of the organization and increase investment in the most significant growth platforms within the business. Cost savings will be achieved in large part through a consolidation of the current three operating groups into two, and of thirteen global business units into nine. The new operating groups, which will be operational effective January 1, 2012, will be named Newell Consumer and Newell Professional. Newell Consumer will be headed by Penny McIntyre, currently President, Office Products.

In addition, the consolidation of two manufacturing facilities and two distribution centers will be implemented as part of the plan, with the goal of increasing operational efficiency, reducing costs, and improving gross margin. Project Renewal is expected to generate cost savings of approximately $90 to $100 million when fully implemented by the end of 2012.