SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                  FORM 10-Q

              Quarterly Report Pursuant to Section 13 or 15(d)
                   of the Securities Exchange Act of 1934
              for the Quarterly Period Ended September 30, 2003

                        Commission File Number 1-9608

                           NEWELL RUBBERMAID INC.

           (Exact name of registrant as specified in its charter)

                  DELAWARE                          36-3514169
      (State or other jurisdiction of            (I.R.S. Employer
      incorporation or organization)            Identification No.)

                       Deerfield Corporate Centre One
                        13010 Morris Road, Suite 100
                          Alpharetta, Georgia 30004
                  (Address of principal executive offices)
                                 (Zip Code)

                               (770) 670-2232
            (Registrant's telephone number, including area code)

   Indicate by check mark whether the registrant (1) has filed all
   reports required to be filed by Section 13 or 15(d) of the Securities
   Exchange Act of 1934 during the preceding 12 months, and (2) has been
   subject to such filing requirements for the past 90 days.

             Yes /x/                            No /  /

   Indicate by check mark whether the registrant is an accelerated filer
   (as defined in Rule 12b-2 of the Exchange Act).

             Yes /x/                            No /  /

   Number of shares of common stock outstanding (net of treasury shares)
   as of October 24, 2003: 274.4 million.







   PART I.  FINANCIAL INFORMATION

   ITEM 1.  FINANCIAL STATEMENTS

   NEWELL RUBBERMAID INC. AND SUBSIDIARIES
   CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
   (DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE DATA)

                                                               Three Months Ended         Nine Months Ended
                                                                 September 30,              September 30,
                                                               ------------------           -------------

                                                                  2003        2002         2003         2002
                                                                  ----        ----         ----         ----
                                                                                         
      Net sales                                                 $1,944.7    $1,948.3     $5,657.2    $5,440.3
      Cost of products sold                                      1,422.5     1,398.0      4,121.6     3,950.3
                                                                --------    --------     --------    --------
         GROSS MARGIN                                              522.2       550.3      1,535.6     1,490.0
      Selling, general and administrative expenses                 328.3       341.7      1,002.5       970.9
      Restructuring costs                                           48.4        51.2        166.0        69.8
                                                                --------    --------     --------    --------
         OPERATING INCOME                                          145.5       157.4        367.1       449.3
      Nonoperating expenses:
         Interest expense                                           27.4        29.7         88.0        84.1
         Other, net                                                  7.2        13.7         35.2        39.7
                                                                --------    --------     --------    --------
         Net nonoperating expenses                                  34.6        43.4        123.2       123.8
                                                                --------    --------     --------    --------
         INCOME BEFORE INCOME TAXES AND
            CUMULATIVE EFFECT OF ACCOUNTING CHANGE                 110.9       114.0        243.9       325.5
      Income taxes                                                  35.7        37.8         78.9       109.8
                                                                --------    --------     --------    --------
         INCOME BEFORE CUMULATIVE
            EFFECT OF ACCOUNTING CHANGE                             75.2        76.2        165.0       215.7
      Cumulative effect of accounting change, net of tax              -           -            -        514.9
                                                                --------    --------     --------    --------
         NET INCOME (LOSS)                                          75.2        76.2        165.0      (299.2)
                                                                ========    ========     ========    ========
      Weighted average shares outstanding:
         Basic                                                     274.4       267.2        274.0       267.0
         Diluted                                                   274.4       277.7        274.3       267.7
      Earnings (loss) per share:
         Basic -
            Before cumulative effect of accounting change          $0.27       $0.29        $0.60       $0.81
            Cumulative effect of accounting change                     -           -            -       (1.93)
                                                                --------    --------     --------     -------
            Net income (loss) per common share                     $0.27       $0.29        $0.60      ($1.12)
                                                                ========    ========     ========    ========
         Diluted -
            Before cumulative effect of accounting change          $0.27       $0.29        $0.60       $0.81
            Cumulative effect of accounting change                     -           -            -       (1.93)
                                                                --------    --------     --------     -------
            Net income (loss) per common share                     $0.27       $0.29        $0.60      ($1.12)
                                                                ========    ========     ========    ========
      Dividends per share                                          $0.21       $0.21        $0.63       $0.63


     SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).



                                                                2



     NEWELL RUBBERMAID INC. AND SUBSIDIARIES
     CONSOLIDATED BALANCE SHEETS
     (DOLLARS IN MILLIONS)

                                                  September 30,    December 31,
                                                      2003             2002
                                                      ----             ----
                                                   (UNAUDITED)
     ASSETS
     CURRENT ASSETS:
        Cash and cash equivalents                      $77.1           $55.1
        Accounts receivable, net                     1,392.6         1,377.7
        Inventories, net                             1,271.2         1,196.2
        Deferred income taxes                          200.4           213.5
        Prepaid expenses and other                     221.2           237.5
                                                    --------        --------
        TOTAL CURRENT ASSETS                         3,162.5         3,080.0
     OTHER ASSETS                                      316.3           286.7
     PROPERTY, PLANT AND EQUIPMENT, NET              1,816.7         1,812.8
     GOODWILL, NET                                   2,298.1         1,847.3
     OTHER INTANGIBLE ASSETS, NET                      373.5           362.1
                                                    --------        --------
        TOTAL ASSETS                                $7,967.1        $7,388.9
                                                    ========        ========


     SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).

































                                                                3






     NEWELL RUBBERMAID INC. AND SUBSIDIARIES
     CONSOLIDATED BALANCE SHEETS (CONT.)
     (DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE DATA)


                                                  September 30,    December 31,
                                                      2003             2002
                                                      ----             ----
                                                   (UNAUDITED)
                                                               

     LIABILITIES AND STOCKHOLDERS' EQUITY
     CURRENT LIABILITIES:
        Notes payable                                  $31.6           $25.2
        Accounts payable                               815.9           686.6
        Accrued compensation                           117.5           153.5
        Other accrued liabilities                    1,062.5         1,165.4
        Income taxes                                   139.0           159.7
        Current portion of long-term debt               30.8           424.0
                                                    --------        --------
        TOTAL CURRENT LIABILITIES                    2,197.3         2,614.4
     LONG-TERM DEBT                                  2,538.8         1,856.6
     OTHER NONCURRENT LIABILITIES                      402.4           349.7
     DEFERRED INCOME TAXES                               2.3             4.7
     COMPANY OBLIGATED MANDATORILY REDEEMABLE
     CONVERTIBLE PREFERRED SECURITIES OF A
     SUBSIDIARY TRUST                                  500.0           500.0

     STOCKHOLDERS' EQUITY:
     Common stock, authorized shares,
        800.0 million at $1.00 par value               290.1           283.1
     Outstanding shares:
              2003  - 290.1 million
              2002  - 283.1 million
     Treasury stock, at cost;                         (411.6)         (409.9)
     Shares held:
              2003  - 15.7 million
              2002  - 15.7 million
     Additional paid-in capital                        438.2           237.3
     Retained earnings                               2,135.1         2,143.2
     Accumulated other comprehensive loss             (125.5)         (190.2)
                                                    --------        --------
     TOTAL STOCKHOLDERS' EQUITY                      2,326.3         2,063.5
                                                    --------        --------
     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $7,967.1        $7,388.9
                                                    ========        ========


     SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).













                                                                4





     NEWELL RUBBERMAID INC. AND SUBSIDIARIES
     CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
     (DOLLARS IN MILLIONS)


                                                                      Nine Months Ended September 30,
                                                                          2003                2002
                                                                          ----                ----
                                                                                      
     OPERATING ACTIVITIES:
     Net income (loss)                                                    $165.0            ($299.2)
     Adjustments to reconcile net income (loss)
        to net cash provided by operating activities:
        Cumulative effect of accounting change                                 -              514.9
        Depreciation and amortization                                      208.6              218.4
        Deferred income taxes                                                9.6               31.9
        Noncash restructuring and restructuring related charges             73.0               44.7
        Loss on sale of business                                            20.5                  -
        Other                                                               30.7               35.2
     Changes in current accounts excluding the
        effects of acquisitions:
        Accounts receivable                                                 51.7               12.0
        Inventories                                                        (44.8)             (65.2)
        Other current assets                                                 7.1              (21.8)
        Accounts payable                                                   112.3              106.1
        Accrued liabilities and other                                     (213.2)              (7.8)
                                                                         -------            -------
     NET CASH PROVIDED BY OPERATING ACTIVITIES                             420.5              569.2
                                                                         -------            -------
     INVESTING ACTIVITIES:
     Acquisitions, net of cash acquired                                   (460.0)            (228.5)
     Expenditures for property, plant and equipment                       (247.1)            (185.2)
     Sale of business                                                       10.2                  -
     Disposals of noncurrent assets and other                                  -                7.8
                                                                         -------            -------
     NET CASH USED IN INVESTING ACTIVITIES                                (696.9)            (405.9)
                                                                         -------            -------
     FINANCING ACTIVITIES:
     Proceeds from issuance of debt                                      1,040.5              523.1
     Proceeds from issuance of stock                                       200.1                  -
     Payments on notes payable and long-term debt                         (776.7)            (535.8)
     Cash dividends                                                       (173.1)            (168.2)
     Proceeds from exercised stock options and other                         6.0               16.3
                                                                         -------            -------
     NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                   296.8             (164.6)
                                                                         -------            -------
     Exchange rate effect on cash                                            1.6                1.2
                                                                         -------            -------
     INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                       22.0               (0.1)
     Cash and cash equivalents at beginning of year                         55.1                6.8
                                                                         -------            -------
     CASH AND CASH EQUIVALENTS AT END OF PERIOD                            $77.1               $6.7
                                                                         =======            =======

     SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).





                                                                5




   NEWELL RUBBERMAID INC. AND SUBSIDIARIES
   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

   NOTE 1 - BASIS OF PRESENTATION

   The accompanying unaudited consolidated financial statements of Newell
   Rubbermaid Inc. (collectively with its subsidiaries, the "Company")
   have been prepared pursuant to the rules and regulations of the
   Securities and Exchange Commission, and do not include all the
   information and notes required by generally accepted accounting
   principles for complete financial statements.  In the opinion of
   management, the unaudited consolidated financial statements include
   all adjustments, consisting of only normal recurring accruals,
   considered necessary for a fair presentation of the financial position
   and the results of operations.  It is suggested that these unaudited
   consolidated financial statements be read in conjunction with the
   financial statements and the notes thereto included in the Company's
   latest Annual Report on Form 10-K.

   SEASONAL VARIATIONS:  The Company's product groups are only moderately
   affected by seasonal trends.  The Rubbermaid and Calphalon Home
   business segments typically have higher sales in the second half of
   the year due to retail stocking related to the holiday season; the
   Irwin business segment typically has higher sales in the second and
   third quarters due to an increased level of do-it-yourself projects
   completed in the summer months; and the Sharpie business segment
   typically has higher sales in the second and third quarters due to the
   back-to-school season.  Because these seasonal trends are moderate,
   the Company's consolidated quarterly sales generally do not fluctuate
   significantly.

   FAIR VALUE OF STOCK OPTIONS:  On May 7, 2003, the Company's
   stockholders approved the Newell Rubbermaid Inc. 2003 Stock Plan (the
   "2003 Plan").  The 2003 Plan provides for grants of up to an aggregate
   of 15.0 million stock options, stock awards and performance shares
   (except that no more than 3.0 million of those grants may be stock
   awards and performance shares).  Under the 2003 Plan, the option
   exercise price will equal the common stock's closing price on the date
   of grant.  Options will vest over five years (which may be shortened
   to no less than three years) and expire ten years from the date of
   grant.  Also, under the 2003 Plan, none of the restrictions on stock
   awards will lapse earlier than the third anniversary of the date of
   grant.

   The Company's stock option plans are accounted for under Accounting
   Principles Board Opinion No. 25. As a result, the Company grants fixed
   stock options under which no compensation cost is recognized. Had
   compensation cost for the plans been determined consistent with
   Statement of Financial Accounting Standard No. 123 (FAS 123),
   "Accounting for Stock Based Compensation," the Company's net income
   and earnings per share would have been reduced to the following pro
   forma amounts for the three and nine months ended September 30, (IN
   MILLIONS, EXCEPT PER SHARE DATA):






                                      6




                                                     Three Months Ended           Nine Months Ended
                                                        September 30,                September 30,
                                                      2003         2002           2003            2002
                                                      ----         ----           ----            ----
                                                                                   
     Net income (loss):
     As reported                                     $75.2        $76.2         $165.0         ($299.2)
     Fair value option expense                        (4.7)        (4.2)         (14.1)          (12.6)
                                                     -----        -----         ------          ------
     Pro forma                                       $70.5        $72.0         $150.9         ($311.8)

     Basic earnings (loss) per share:
     As reported                                     $0.27        $0.29          $0.60          ($1.12)
     Pro forma                                        0.26         0.27           0.55           (1.17)

     Diluted earnings (loss) per share:
     As reported                                     $0.27        $0.29          $0.60          ($1.12)
     Pro forma                                        0.26         0.27           0.55           (1.16)



   RECENT ACCOUNTING PRONOUNCEMENTS:  In January 2003, the Financial
   Accounting Standards Board (FASB) issued Interpretation No. 46,
   Consolidation of Variable Interest Entities, an Interpretation of
   Accounting Research Bulletin No. 51 (the Interpretation).  The
   Interpretation introduces a new consolidation model - the variable
   interests model - which determines control and consolidation based on
   potential variability in gains and losses of the entity being
   evaluated for consolidation.  Under the Interpretation, variable
   interest entities (VIEs) are to be evaluated for consolidation based
   on their variable interests.  Variable interests are contractual,
   ownership, or other interests in an entity that expose their holders
   to the risks and rewards of the VIE.  Variable interests include
   equity investments, loans, leases, derivatives, guarantees, and other
   instruments whose values change with changes in the VIE's assets.  The
   provisions of the Interpretation apply to interest in VIE's acquired
   before February 1, 2003.  A FASB Staff Position issued in October 2003
   deferred the effective date of the Interpretation to the first interim
   or annual period ending after December 15, 2003 for entities created
   before February 1, 2003.  The Company is currently evaluating the
   impact FIN 46 will have on its financial statements for any VIE
   created before February 1, 2003 in which the Company has an interest.

   In April 2003, the FASB issued Statement of Financial Accounting
   Standard No. 149 (FAS 149), "Amendment of Statement 133 on Derivative
   Instruments and Hedging Activities."  FAS 149 amends and clarifies
   financial accounting and reporting for derivative instruments,
   including certain derivative instruments embedded in other contracts
   (collectively referred to as derivatives) and for hedging activities
   under FASB Statement No. 133, "Accounting for Derivative Instruments
   and Hedging Activities."  The statement improves financial reporting
   by requiring that contracts with comparable characteristics be
   accounted for similarly, which will result in more consistent
   reporting of contracts as either derivatives or hybrid instruments.
   The Company adopted the provisions of FAS 149, effective June 30,
   2003.  Adoption of this standard did not have a material effect on the
   Company's financial statements.

   In May 2003, the FASB issued Statement of Financial Accounting
   Standard No. 150 (FAS 150), "Accounting for Certain Financial
   Instruments with Characteristics of both Liabilities and Equity."  FAS
   150 establishes standards for how an issuer classifies and measures

                                      7




   certain financial instruments with characteristics of both liabilities
   and equity.  On October 29, 2003 the FASB deferred, indefinitely, the
   application of paragraphs 9 and 10 of FAS 150 as it relates to
   mandatorily redeemable non-controlling interests in consolidated
   subsidiaries that would not be recorded as liabilities under FAS 150
   by such subsidiaries.  The adoption of the remainder of FAS 150 on
   July 1, 2003, had no impact on the Company's consolidated financial
   statements.

   RECLASSIFICATIONS:  Certain 2002 amounts have been reclassified to
   conform to the 2003 presentation.

   NOTE 2 - CHANGES IN ACCOUNTING PRINCIPLE

   Effective January 1, 2002, the Company adopted Statement of Financial
   Accounting Standards No. 142 (FAS 142), "Goodwill and Other Intangible
   Assets."  Pursuant to the adoption of FAS 142, the Company performed
   the required impairment tests of goodwill and indefinite-lived
   intangible assets and recorded a pre-tax goodwill impairment charge of
   $538.0 million, $514.9 million net of tax, in the first quarter of
   2002.  In determining the goodwill impairment, the Company measured
   the impairment loss as the excess of the carrying amount of goodwill
   (which included the carrying amount of trademarks) over the implied
   fair value of goodwill (which excluded the fair value of identifiable
   trademarks).  The Company conducts annual impairment tests in the
   third quarter and also tests for impairment if events or circumstances
   occur subsequent to the Company's annual impairment tests that would
   more likely than not reduce the fair value of a reporting unit below
   its carrying amount. For the nine months ended September 30, 2003, no
   such impairment charges have been recorded.

   A summary of changes in the Company's goodwill during the nine months
   ended September 30, 2003 is as follows (IN MILLIONS):

      Balance at December 31, 2002               $1,847.3
      Acquisitions                                  432.8
      Other (primarily foreign exchange)             18.0
                                                 --------
      Balance at September 30, 2003              $2,298.1
                                                 ========

   NOTE 3 - ACQUISITIONS AND DIVESTITURES

   ACQUISITIONS

   Effective January 1, 2003, the Company completed its acquisition of
   American Saw & Mfg. Co. (Lenox), a leading manufacturer of power tool
   accessories and hand tools marketed under the Lenox brand.  The
   purchase price was approximately $450 million.  This purchase marks
   the continued expansion and enhancement of the Company's product lines
   and customer base in the global power tool accessories and hand tools
   market and strengthens the Company's platform in the professional and
   fast growing "do-it-yourself" channels.  Lenox had 2002 net sales of
   $185.4 million and is included in the Irwin operating segment.

   On April 30, 2002, the Company completed the purchase of American Tool
   Companies, Inc. ("American Tool"), a leading manufacturer of hand
   tools and power tool accessories.  The Company had previously held a
   49.5% stake in American Tool, which had been accounted for under the
   equity method prior to acquisition.  The purchase price was $467

                                      8




   million, which included $197 million for the majority 50.5% ownership
   stake, the repayment of $243 million in American Tool debt and $27
   million of transaction costs.

   The 2003 and 2002 transactions were accounted for as purchases;
   therefore, results of operations are included in the accompanying
   Consolidated Financial Statements since their respective acquisition
   dates.  The acquisition costs for 2003 were allocated on a preliminary
   basis to the fair market value of the assets acquired and liabilities
   assumed.  The Company's final integration plans may include exit costs
   for certain plants and product lines and employee termination costs.
   The final adjustments to the purchase price allocations are not
   expected to be material to the Consolidated Financial Statements.

   The Company continues to formulate integration plans for Lenox and
   other acquisitions.  In 2003, integration plans for acquired
   businesses resulted in integration plan liabilities of $14.1 million
   for facility and other exit costs, $10.4 million for employee
   severance and termination benefits and $6.2 million for other pre-
   acquisition contingencies.

   The unaudited consolidated results of operations on a pro forma basis,
   as though the 2003 and 2002 acquisitions of Lenox and American Tool,
   respectively, had been completed on January 1, 2002, are as follows
   for the three months and nine months ended September 30, (IN MILLIONS,
   EXCEPT PER SHARE AMOUNTS):




                                                             Three Months Ended             Nine Months Ended
                                                                September 30,                 September 30,
                                                              2003         2002             2003         2002
                                                              ----         ----             ----         ----
                                                                                           
     Net sales                                             $1,944.7     $1,996.9         $5,657.2      $5,722.1
     Income before accounting change                          $75.2        $83.7           $165.0        $230.3
     Basic earnings per share before accounting change         $0.27        $0.31            $0.60         $0.86
     Net income (loss)                                        $75.2        $83.7           $165.0       ($284.7)
     Basic earnings (loss) per share                           $0.27        $0.31            $0.60        ($1.07)




   DIVESTITURES

   On March 27, 2003, the Company completed the sale of its Cosmolab
   business, a division of the Sharpie segment, for approximately $13.0
   million.  The Cosmolab business had annual net sales of approximately
   $50 million.  The Company used the proceeds from the sale to reduce
   its commercial paper borrowings.  The Company recorded a pre-tax loss
   on the sale of $21.2 million in the first quarter of 2003 as a
   component of Other, net in the Consolidated Statement of Operations.

   NOTE 4 - RESTRUCTURING COSTS

   The Company continues to record restructuring charges associated with
   the Company's strategic restructuring plan announced on May 3, 2001.
   The specific objectives of the plan are to streamline the Company's
   supply chain to be the low cost global provider throughout the
   Company's portfolio by reducing worldwide headcount and consolidating
   duplicative manufacturing facilities, over a three-year period
   beginning in 2001.  In the third quarter of 2003, the Company expanded
   the scope and estimated cost of its original restructuring plan.

                                      9




   The original plan estimated approximately $350 million in total
   restructuring charges.  The revised restructuring plan (the "revised
   plan") estimates total charges ranging from $460 million to $480
   million.  The increase in total charges from the original
   restructuring plan is related to the currency translation impact for
   future European projects (as the Euro and British Pound have
   significantly strengthened against the US dollar) and the addition of
   high return projects primarily in the Company's American Tool
   business.

   Pre-tax restructuring costs consisted of the following (IN MILLIONS):




                                                               Three Months Ended         Nine Months Ended
                                                                  September 30,             September 30,
                                                              2003           2002       2003             2002
                                                              ----           ----       ----             ----
                                                                                            
     Facility and other exit costs                           $10.7           $13.7       $67.3           $18.4
     Employee severance and termination benefits              31.1            30.5        88.5            43.8
     Exited contractual commitments and other                  6.6             7.0        10.2             7.6
                                                             -----           -----      ------           -----
          Recorded as Restructuring Costs                    $48.4           $51.2      $166.0           $69.8
                                                             =====           =====      ======           =====

   Restructuring provisions were determined based on estimates prepared
   at the time the restructuring actions were approved by management, and
   also include amounts recognized as incurred.  Cash paid for
   restructuring activities was $77.7 million and $41.7 million in the
   first nine months of 2003 and 2002, respectively.  A summary of the
   Company's restructuring plan reserves is as follows (IN MILLIONS):

                                                           12/31/01                     Costs         09/30/02
                                                            Balance      Provision     Incurred        Balance
                                                           --------      ---------     --------       --------
     Facility and other exit costs                           $20.1           $18.4      ($11.5)          $27.0
     Employee severance and termination benefits               6.2            43.8       (28.1)           21.9
     Exited contractual commitments and other                  1.9             7.6        (5.6)            3.9
                                                             ------         ------       -----          ------
                                                             $28.2           $69.8      ($45.2)          $52.8
                                                             ======         ======       =====          ======

                                                           12/31/02                     Costs         09/30/03
                                                            Balance      Provision     Incurred        Balance
                                                           --------      ---------     --------        -------
     Facility and other exit costs                            $36.1          $67.3      ($58.6)          $44.8
     Employee severance and termination benefits               41.1           88.5       (69.7)           59.9
     Exited contractual commitments and other                   2.1           10.2       (11.8)            0.5
                                                              -----         ------      ------          ------
                                                              $79.3         $166.0     ($140.1)         $105.2
                                                              =====         ======      ======          ======


   The facility and other exit cost reserves are primarily related to
   future minimum lease payments on vacated facilities and other closure
   costs.

   Under the revised plan, the Company expects to exit 84 facilities and
   reduce headcount by approximately 12,000 people.  At the plan's
   completion, the Company expects total annual savings of between $150
   and $175 million ($125 to $135 million related to the reduced


                                     10




   headcount, $10 to $15 million related to reduced depreciation, and $15
   to $25 million related to other cash savings).  As of September 30,
   2003, restructuring reserves held on the Company's books were
   representative of approximately 100 individual restructuring plans.
   The following table depicts the material changes in these plans for
   the nine months ended September 30, aggregated by reportable business
   segment:




                                      12/31/01                       Costs            09/30/02
     Segment                           Balance         Provision    Incurred          Balance
     -------                          --------         ---------    --------          --------
                                                                           
     Rubbermaid                          $3.1             $7.6        ($7.0)             $3.7
     Sharpie                              2.0              4.9         (3.8)              3.1
     Irwin                               14.1             33.2        (14.9)             32.4
     Calphalon Home                       2.5             14.0        (10.8)              5.7
     Corporate                            6.5             10.1         (8.7)              7.9
                                        -----            -----        -----            ------
                                        $28.2            $69.8       ($45.2)            $52.8
                                        =====            =====        =====            ======

                                     12/31/02                         Costs           09/30/03
     Segment                          Balance          Provision    Incurred          Balance
     -------                         --------          ---------    --------          --------
     Rubbermaid                         $11.9            $33.0       ($28.0)            $16.9
     Sharpie                             22.5             24.9        (24.7)             22.7
     Irwin                               12.8             44.0        (24.8)             32.0
     Calphalon Home                      11.6             61.2        (52.7)             20.1
     Corporate                           20.5              2.9         (9.9)             13.5
                                        -----           ------       ------            ------
                                        $79.3           $166.0      ($140.1)           $105.2
                                        =====           ======       ======            ======


   In the first nine months of 2003, the Company incurred facility exit
   costs and employee severance and termination benefit costs for
   approximately 4,400 employees.  Under the restructuring plan, 73
   facilities have been exited and headcount has been reduced by 9,200
   employees.

   In 2003, the Company announced its intention to close one of its
   manufacturing facilities in the Calphalon Home operating segment by
   the end of 2003.  As a result of this decision, the Company evaluated
   its long-lived assets, primarily property, plant and equipment, for
   impairment and recorded a non-cash restructuring charge of $30.5
   million.  The amount of the impairment was determined using a
   discounted cash flow analysis.

   In 2003, the Company recorded a non-cash restructuring charge of $14.0
   million relating to the curtailment of a pension plan associated with
   the closure of one of the Company's exited facilities.  The non-cash
   restructuring charge has been included in employee severance and
   termination benefits as disclosed in the table above.

   NOTE 5 - INVENTORIES

   Inventories are stated at the lower of cost or market value.  The
   components of inventories, net of LIFO reserve, were as follows (IN
   MILLIONS):


                                                               11




                                         September 30,       December 31,
                                             2003                2002
                                             ----                ----
     Materials and supplies                  $313.9             $308.8
     Work in process                          185.4              174.9
     Finished products                        771.9              712.5
                                           --------           --------
                                           $1,271.2           $1,196.2
                                           ========           ========

   NOTE 6 - LONG-TERM DEBT

   The following is a summary of long-term debt (IN MILLIONS):

                                         September 30,       December 31,
                                             2003                2002
                                             ----                ----
     Medium-term notes                     $1,712.6           $1,680.9
     Commercial paper                         398.2              140.0
     Preferred debt securities                450.0              450.0
     Other long-term debt                       8.8                9.7
                                           --------           --------
              Total debt                    2,569.6            2,280.6
     Current portion of long-term debt        (30.8)            (424.0)
                                           --------           --------
              Long-term Debt               $2,538.8           $1,856.6
                                           ========           ========

   On June 13, 2003, Newell Rubbermaid rolled over the $650.0 million 364
   day Revolving Credit Facility that was terminating on June 14, 2003.
   The new agreement consists of 19 participating banks and will mature
   on June 11, 2004. The revolver requires, among other things, that the
   Company maintain certain interest coverage and total indebtedness to
   total capital ratios, as defined in the agreement.  The agreement also
   limits subsidiary indebtedness.  As of September 30, 2003, the Company
   was in compliance with this agreement.  No amounts are outstanding
   under the Revolving Credit Facility as of September 30, 2003.

   On May 6, 2003, the Company issued $400.0 million of medium term notes
   with seven-year and two-year maturities.  The $400.0 million of medium
   term notes consist of $250.0 million in 4.00% notes due 2010 and
   $150.0 million in 2.00% notes due 2005.  The seven-year notes pay
   interest semi-annually on May 1 and November 1 until final maturity on
   May 1, 2010.  The two-year notes pay interest semi-annually on May 1
   and November 1 until final maturity on May 1, 2005.  The proceeds of
   these issuances were used to pay down commercial paper.  These
   issuances are reflected in the outstanding amount of medium-term notes
   noted above and the entire amount is considered to be long-term debt.

   On January 10, 2003, the Company completed the sale of 6.67 million
   shares of its common stock at a public offering price of $30.10 per
   share pursuant to a shelf registration statement filed with the
   Securities and Exchange Commission.  Total proceeds from the sale were
   approximately $200.8 million, resulting in net proceeds to the
   Company, before expenses, of $200.1 million.  The proceeds were used
   to reduce the Company's commercial paper borrowings.



                                     12




   Through the first nine months of 2003, the Company has terminated
   certain interest rate swap agreements prior to their scheduled
   maturities.  The following table summarizes the arrangements of each
   interest rate swap termination that occurred through the nine months
   ended September 30, 2003:

                                            Fair Value of    Unamortized
   Date of Interest Rate      Total Cash   the Terminated     Gain as of
   Swap Termination            Received         Swaps           9/30/03
   ----------------           ---------         -----           -------
   September 30, 2003            $6.4            $6.0            $6.0
   September 15, 2003             5.7             5.4             5.3
   June 16, 2003                 11.4            10.8             9.8
   February 24, 2003             21.0            17.3            14.7
                                -----           -----           -----
   Total                        $44.5           $39.5           $35.8
                                =====           =====           =====

   The cash received relating to the fair value of the swaps has been
   included in Other as an operating activity in the Consolidated
   Statement of Cash Flows.  The unamortized gain on the terminated
   interest rate swaps is accounted for as long-term debt (of which $9.0
   million is classified as current).  The unamortized gain will be
   amortized as a reduction to interest expense over the remaining term
   of the underlying debt.

   NOTE 7 - EARNINGS PER SHARE

   The calculation of basic and diluted earnings per share for the three
   and nine months ended September 30, is shown below (IN MILLIONS,
   EXCEPT PER SHARE DATA):




                                                                    "In the      Convertible
                                                         Basic      Money"        Preferred       Diluted
                                                        Method     Options(1)    Securities(2)     Method
                                                        ------     ----------    -------------     ------
                                                                                       
     QUARTER ENDED SEPTEMBER 30, 2003
     Net income                                          $75.2          -              -           $75.2
     Weighted average shares outstanding                 274.4          -              -           274.4
     Earnings per share                                   $0.27                                     $0.27

     QUARTER ENDED SEPTEMBER 30, 2002
     Net income                                          $76.2          -             4.4          $80.6
     Weighted average shares outstanding                 267.2         0.6            9.9          277.7
     Earnings per share                                   $0.29                                     $0.29

     NINE MONTHS ENDED SEPTEMBER 30, 2003
     Net income                                         $165.0          -              -          $165.0
     Weighted average shares outstanding                 274.0         0.3             -           274.3
     Earnings per share                                   $0.60                                     $0.60

     NINE MONTHS ENDED SEPTEMBER 30, 2002
     Income before cumulative effect of
       accounting change                                $215.7          -              -          $215.7
     Weighted average shares outstanding                 267.0         0.7             -           267.7
     Earnings per share                                   $0.81                                     $0.81



                                                               13





     Net loss                                          ($299.2)          -                -       ($299.2)
     Weighted average shares outstanding                 267.0           0.7              -         267.7
     Loss per share                                      ($1.12)                                    ($1.12)

     (1)  The weighted average shares outstanding for the three months ended September 30, 2003 and 2002 exclude
          approximately 10.0 million and 4.4 million stock options, respectively, and approximately 8.0 million and 4.4
          million stock options for the nine months ended September 30, 2003 and 2002, respectively, because such
          options had an exercise price in excess of the average market value of the Company's common stock during the
          respective periods and would, therefore, be anti-dilutive.

     (2)  The convertible preferred securities are anti-dilutive for the three months ended September 30, 2003 and for
          the nine months ended September 30, 2003 and 2002, and therefore have been excluded from diluted earnings per
          share.  Had the convertible preferred shares been included in the diluted earnings per share calculation, net
          income would be increased by $4.2 million for the three months ended September 30, 2003, and by $12.6 million
          and $13.2 million for the nine months ended September 30, 2003 and 2002, respectively, and weighted average
          shares outstanding would have increased by 9.9 million shares in all periods.



   NOTE 8 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

   Accumulated other comprehensive income (loss) encompasses net after-
   tax unrealized gains or losses on securities available for sale,
   foreign currency translation adjustments, net losses on derivative
   instruments and net minimum pension liability adjustments and is
   recorded within stockholders' equity.

   The following table displays the components of accumulated other
   comprehensive income or loss (IN MILLIONS):



                                                     Foreign        After-tax      After-tax       Accumulated
                                                    Currency       Derivatives      Minimum           Other
                                                   Translation       Hedging        Pension       Comprehensive
                                                      Loss            Gain         Liability          Loss
                                                      ----            ----         ---------          ----
                                                                                        
     Balance at December 31, 2002                   ($115.1)          $0.4          ($75.5)         ($190.2)
     Current year change                               54.0            4.0             6.7             64.7
                                                     ------           ----           -----           ------
     Balance at September 30, 2003                   ($61.1)          $4.4          ($68.8)         ($125.5)
                                                      =====           ====           =====           ======



   Total comprehensive income (loss) amounted to the following (IN
   MILLIONS):

                                                       Three Months Ended              Nine Months Ended
                                                         September 30,                   September 30,
                                                      2003           2002           2003              2002
                                                      ----           ----           ----              ----
     Net income (loss)                                $75.2          $76.2          $165.0          ($299.2)
     Foreign currency translation (loss) gain         (15.5)           5.1            54.0             56.0
     After-tax derivatives hedging gain (loss)          0.5           (6.7)            4.0             12.9
     After-tax minimum pension liability               (0.2)             -             6.7                -
                                                      -----          -----          ------           ------
              Comprehensive income (loss)             $60.0          $74.6          $229.7          ($230.3)
                                                      =====          =====          ======           ======



                                                               14




   NOTE 9 - INDUSTRY SEGMENTS

   In accordance with paragraph 26(a) of Statement of Financial
   Accounting Standards No. 131, "DISCLOSURES ABOUT SEGMENTS OF AN
   ENTERPRISE AND RELATED INFORMATION," the Company has aggregated
   certain of its operations segments into four reportable segments.  The
   Company manages its business in these four operating segments that
   have been named for leading worldwide brands in the Company's product
   portfolio.  In the first quarter of 2003, the Company realigned its
   Eldon and Panex divisions out of its Sharpie and Calphalon Home
   operating segments, respectively, and into its Rubbermaid operating
   segment (prior years' segment data has been reclassified to conform to
   the current segment structure).  This realignment reflects the
   Company's focus on building large consumer brands, promoting
   organizational integration and operating efficiencies and aligning the
   businesses with the Company's strategic account management strategy.
   In addition, the realignment reflects the revised management and
   selling structure of the Company.  The Company's segment results are
   as follows (IN MILLIONS):




                                       Three Months Ended               Nine Months Ended
                                          September 30,                   September 30,
                                          ------------                   -------------
                                       2003           2002           2003              2002
                                       ----           ----           ----              ----
                                                                        
      NET SALES (1)
      Rubbermaid                      $767.8         $759.3        $2,237.1         $2,207.7
      Sharpie                          389.1          412.1         1,168.6          1,178.0
      Irwin                            521.2          479.3         1,523.8          1,257.6
      Calphalon Home                   266.6          297.6           727.7            797.0
                                    --------       --------        --------         --------
                                    $1,944.7       $1,948.3        $5,657.2         $5,440.3
                                    ========       ========        ========         ========

      OPERATING INCOME (2)
      Rubbermaid                       $58.8          $77.6          $166.1           $190.4
      Sharpie                           62.8           74.4           200.2            196.7
      Irwin                             71.0           32.8           166.2             94.0
      Calphalon Home                    12.2           31.3            25.0             60.7
      Corporate (3)                    (10.9)          (7.5)          (24.4)           (22.7)
      Restructuring Costs              (48.4)         (51.2)         (166.0)           (69.8)
                                    --------       --------        --------         --------
                                      $145.5         $157.4          $367.1           $449.3
                                    ========       ========        ========         ========

                                                                 September 30,     December 31,
                                                                     2003             2002
                                                                     ----             ----
      IDENTIFIABLE ASSETS
      Rubbermaid                                                   $1,873.5         $1,847.2
      Sharpie                                                         940.6            991.5
      Irwin                                                         1,372.1          1,226.4
      Calphalon Home                                                  710.3            709.8
      Corporate (4)                                                 3,070.6          2,614.0
                                                                   --------         --------
                                                                   $7,967.1         $7,388.9
                                                                   ========         ========


                                     15




   GEOGRAPHIC AREA INFORMATION

                                       Three Months Ended               Nine Months Ended
                                          September 30,                   September 30,
                                          ------------                   -------------
                                       2003           2002           2003              2002
                                       ----           ----           ----              ----

      NET SALES
      United States                 $1,382.2       $1,427.5        $4,003.6         $3,981.8
      Canada                            97.9           83.1           268.5            228.5
                                    --------       --------        --------         --------
        North America                1,480.1        1,510.6         4,272.1          4,210.3
      Europe                           358.8          347.0         1,090.2            967.6
      Central and South America         65.7           66.2           187.2            190.1
      All other                         40.1           24.5           107.7             72.3
                                    --------       --------        --------         --------
                                    $1,944.7       $1,948.3        $5,657.2         $5,440.3
                                    ========       ========        ========         ========

      OPERATING INCOME
      United States                   $130.2         $150.3          $341.8           $382.0
      Canada                            21.6           12.8            46.1             27.4
                                    --------       --------        --------         --------
        North America                  151.8          163.1           387.9            409.4
      Europe                           (13.8)         (15.5)          (44.4)             7.1
      Central and South America         (1.7)           7.6             6.9             21.1
      All other                          9.2            2.2            16.7             11.7
                                    --------       --------        --------         --------
                                      $145.5         $157.4          $367.1           $449.3
                                    ========       ========        ========         ========

                                                                 September 30,     December 31,
                                                                     2003             2002
                                                                     ----             ----

      IDENTIFIABLE ASSETS (5)
      United States                                                $5,650.1         $5,151.0
      Canada                                                          138.5            115.7
                                                                   --------         --------
        North America                                               5,788.6          5,266.7
      Europe                                                        1,832.6          1,802.0
      Central and South America                                       236.4            224.4
      All other                                                       109.5             95.8
                                                                   --------         --------
                                                                   $7,967.1         $7,388.9
                                                                   ========         ========


     1)  All intercompany transactions have been eliminated.  Sales to Wal*Mart Stores, Inc.
         and subsidiaries amounted to approximately 16% and 15% of consolidated net sales in
         the first nine months of 2003 and 2002, respectively.  Sales to no other customer
         exceeded 10% of consolidated net sales for either period.
     2)  Operating income is net sales less cost of products sold, selling, general and
         administrative expenses, and restructuring costs. Certain headquarters expenses
         of an operational nature are allocated to business segments and geographic areas
         primarily on a net sales basis.  Trade names amortization is considered a
         corporate expense and not allocated to business segments.
     3)  Corporate operating expenses consist primarily of administrative costs that cannot
         be allocated to a particular segment.
     4)  Corporate assets primarily include trade names, goodwill, equity investments and
         deferred tax assets.
     5)  Transfers of finished goods between geographic areas are not significant.


                                     16




   NOTE 10 - CONTINGENCIES

   The Company is involved in legal proceedings in the ordinary course of
   its business.  These proceedings include claims for damages arising
   out of use of the Company's products, allegations of infringement of
   intellectual property, commercial disputes and employment related
   matters, as well as environmental matters.  Some of the legal
   proceedings include claims for punitive as well as compensatory
   damages, and a few proceedings purport to be class actions.

   Although management of the Company cannot predict the ultimate outcome
   of these legal proceedings with certainty, it believes that the
   ultimate resolution of the Company's legal proceedings, including any
   amounts it may be required to pay in excess of amounts reserved, will
   not have a material effect on the Company's financial statements.

   In the normal course of business and as part of its acquisition and
   divestiture strategy, the Company may provide certain representations
   and indemnifications related to legal, environmental, product
   liability, tax or other types of issues.  Based on the nature of these
   representations and indemnifications, it is not possible to predict
   the maximum potential payments under all of these agreements due to
   the conditional nature of the Company's obligations and the unique
   facts and circumstances involved in each particular agreement.
   Historically, payments made by the Company under these agreements did
   not have a material effect on the Company's business, financial
   condition or results of operation.

   As of September 30, 2003, the Company has identified and quantified
   exposures under these representations and indemnifications of
   approximately $46.0 million, which expire in 2006.  As of September
   30, 2003, no amounts have been recorded on the balance sheet related
   to these indemnifications, as the risk of loss is considered remote.


























                                     17





   ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
             OPERATIONS AND FINANCIAL CONDITION

   RESULTS OF OPERATIONS

   The following table sets forth for the periods indicated items from
   the Consolidated Statements of Operations as a percentage of net
   sales:



                                                               Three Months Ended                Nine Months Ended
                                                                  September 30,                    September 30,
                                                                  ------------                     ------------
                                                               2003            2002             2003            2002
                                                               ----            ----             ----            ----
                                                                                                   
      Net sales                                               100.0%          100.0%           100.0%          100.0%
      Cost of products sold                                    73.1%           71.8%            72.9%           72.6%
                                                              ------          ------           ------          ------
            GROSS MARGIN                                       26.9%           28.2%            27.1%           27.4%

      Selling, general and administrative expenses             16.9%           17.5%            17.7%           17.8%
      Restructuring costs                                       2.5%            2.6%             2.9%            1.3%
                                                              ------          ------           ------          ------
            OPERATING INCOME                                    7.5%            8.1%             6.5%            8.3%
      Nonoperating expenses:
         Interest expense                                       1.4%            1.5%             1.6%            1.6%
         Other, net                                             0.4%            0.7%             0.6%            0.7%
                                                              ------          ------           ------          ------
         Net nonoperating expenses                              1.8%            2.2%             2.2%            2.3%
                                                              ------          ------           ------          ------
            INCOME BEFORE INCOME TAXES AND
            CUMULATIVE EFFECT OF ACCOUNTING CHANGE              5.7%            5.9%             4.3%            6.0%
      Income taxes                                              1.8%            2.0%             1.4%            2.0%
                                                              ------          ------           ------          ------
            INCOME BEFORE CUMULATIVE EFFECT OF
            ACCOUNTING CHANGE                                   3.9%            3.9%             2.9%            4.0%
                                                              ------          ------           ------          ------
      Cumulative effect of accounting change                     --%             --%              --%            9.5%
                                                              ------          ------           ------          ------

            NET INCOME (LOSS)                                   3.9%            3.9%             2.9%           (5.5)%
                                                              ======          ======           ======          ======




   THREE MONTHS ENDED SEPTEMBER 30, 2003 VS. THREE MONTHS ENDED
   SEPTEMBER 30, 2002

   CONSOLIDATED OPERATING RESULTS:

   Net sales for the three months ended September 30, 2003 (third
   quarter) were $1,944.7 million, a decrease of $3.6 million, or 0.2%,
   from $1,948.3 million in the comparable quarter of 2002.  The decrease
   resulted from the continued planned exit of high-risk customers and
   pricing declines, partially offset by a benefit from foreign currency
   translation and the impact of the Lenox acquisition.

   Gross margin as a percentage of net sales in the third quarter of 2003
   was 26.9%, or $522.2 million, versus 28.2%, or $550.3 million, in the
   comparable quarter of 2002.  The reduction in gross margin is

                                     18




   primarily related to unfavorable pricing of 2.1% and lower
   manufacturing volumes as inventories were reduced by $94 million in
   the third quarter and sales volumes were lower than prior year.

   Selling, general and administrative expenses ("SG&A") in the third
   quarter of 2003 were 16.9% of net sales, or $328.3 million, versus
   17.5%, or $341.7 million, in the comparable quarter of 2002.  The
   decrease in SG&A is primarily the result of the Company's streamlining
   initiatives.

   The Company recorded pre-tax strategic restructuring charges of $48.4
   million ($32.8 million after taxes) and $51.2 million ($34.2 million
   after tax) in the third quarter of 2003 and 2002, respectively.  The
   2003 third quarter pre-tax charge included $10.7 million of facility
   and other exit costs, $31.1 million of employee severance and
   termination benefits, and $6.6 million in other restructuring costs.
   The 2002 third quarter pre-tax charge included $13.7 million of
   facility and other exit costs, $30.5 million of employee severance and
   termination benefits, and $7.0 million in other restructuring costs.
   See Note 4 to the Consolidated Financial Statements (Unaudited) for
   further information on the strategic restructuring plan.

   Operating income in the third quarter of 2003 was 7.5% of net sales,
   or $145.5 million, versus operating income of 8.1%, or $157.4 million,
   in the comparable quarter of 2002.  Operating income includes
   restructuring charges of $48.4 million ($32.8 million after taxes) and
   $51.2 million ($34.2 million after taxes) in the third quarter of 2003
   and 2002, respectively.  The decrease in operating margins is
   primarily the result of pricing pressures, increased prices for
   certain raw materials, lower manufacturing volumes and unfavorable
   mix, partially offset by a decrease in selling, general and
   administrative expense related to the Company's streamlining
   initiatives.

   Net nonoperating expenses in the third quarter of 2003 were 1.8% of
   net sales, or $34.6 million, versus 2.2%, or $43.4 million, in the
   comparable quarter of 2002.  The decrease in expenses is primarily due
   to acquisition related charges of $8.7 million ($5.8 million after
   tax) incurred in the third quarter of 2002 relating to the Company's
   acquisition of American Tool Companies, Inc.

   The effective tax rate was 32.2% in the third quarter of 2003 versus
   33.2% in the third quarter of 2002.  This lower rate reflects, among
   other things, the increase in earnings in low-tax jurisdictions and,
   in certain jurisdictions, the year over year reduction in current year
   losses and the use of net operating loss carryforwards.

   Net income for the third quarter of 2003 was $75.2 million, compared
   to $76.2 million in the third quarter of 2002. Diluted earnings
   per share were $0.27 in the third quarter of 2003 compared to $0.29 in
   the third quarter of 2002.  The decrease in net income and earnings
   per share was primarily due to pricing pressures, increased prices for
   certain raw materials, lower manufacturing volumes and unfavorable
   mix, partially offset by a decrease in selling, general and
   administrative expense related to the Company's streamlining
   initiatives.



                                     19




   BUSINESS GROUP OPERATING RESULTS:

   Net sales in the four segments in which the Company operates were as
   follows for the three months ended September 30, (IN MILLIONS):

                                    2003          2002      % Change
                                    ----          ----      --------
   Rubbermaid                      $767.8        $759.3        1.1%
   Sharpie                          389.1         412.1       (5.6)
   Irwin                            521.2         479.3        8.7
   Calphalon Home                   266.6         297.6      (10.4)
                                 --------      --------       ----
      Total Net Sales (1)        $1,944.7      $1,948.3       (0.2)%
                                 ========     ========        ====

   Operating income by segment was as follows for the three months ended
   September 30, (IN MILLIONS):

                                    2003          2002      % Change
                                    ----          ----       --------
   Rubbermaid                       $58.8         $77.6      (24.2)%
   Sharpie                           62.8          74.4      (15.6)
   Irwin                             71.0          32.8      116.5
   Calphalon Home                    12.2          31.3      (61.0)
   Corporate Costs (2)              (10.9)         (7.5)
   Restructuring Costs              (48.4)        (51.2)
                                   ------        ------
      Total Operating Income (3)   $145.5        $157.4
                                   ======        ======

   (1)  All intercompany transactions have been eliminated.  Sales to
        Wal*Mart Stores, Inc. and subsidiaries amounted to approximately
        16% and 14% of consolidated net sales in the three months ended
        September 30, 2003 and 2002, respectively. Sales to no other
        customer exceeded 10% of consolidated net sales for either period.
   (2)  Corporate operating expenses consist primarily of administrative
        costs that cannot be allocated to a particular segment.
   (3)  Operating income is net sales less cost of products sold, selling,
        general and administrative expenses, and restructuring costs.
        Certain headquarters expenses of an operational nature are
        allocated to business segments and geographic areas primarily
        on a net sales basis. Trade names amortization is considered a
        corporate expense and not allocated to business segments.

   RUBBERMAID

   Net sales for the third quarter of 2003 were $767.8 million, an
   increase of $8.5 million, or 1.1%, from $759.3 million in the third
   quarter of 2002.  A high single digit increase at Rubbermaid Home
   Products and a double-digit increase at Rubbermaid Europe (primarily
   currency driven) were partially offset by declines in the Little Tikes
   and Graco businesses, as orders originally scheduled in September
   slipped to October.

   Operating income for the third quarter of 2003 was $58.8 million, a
   decrease of $18.8 million, or 24.2%, from $77.6 million in the third
   quarter of 2002.  The decrease in operating income is primarily the
   result of pricing pressure on non-differentiated items in the
   Rubbermaid Home Products business and an increase in prices for
   certain raw materials.



                                     20




   SHARPIE

   Net sales for the third quarter of 2003 were $389.1 million, a
   decrease of $23.0 million, or 5.6%, from $412.1 million in the third
   quarter of 2002.  The decrease in sales is caused primarily by
   softness in the commercial sector, lower back-to-school replenishment
   orders and the disposition of Cosmolab in March 2003.

   Operating income for the third quarter of 2003 was $62.8 million, a
   decrease of $11.6 million, or 15.6%, from $74.4 million in the third
   quarter of 2002.  The decrease in operating income is primarily the
   result of lower sales, inventory reductions and increased investment
   in strategic marketing initiatives.

   IRWIN

   Net sales for the third quarter of 2003 were $521.2 million, an
   increase of $41.9 million, or 8.7%, from $479.3 million in the third
   quarter of 2002.  The increase in net sales for the third quarter of
   2003 was primarily due to sales from the Lenox acquisition, a high
   single digit increase at Home Decor (primarily currency driven), and
   double digit increases in the tools and accessories businesses,
   partially offset by double-digit declines at Levolor/Kirsch resulting
   from the planned exit of low margin product lines.

   Operating income for the third quarter of 2003 was $71.0 million, an
   increase of $38.2 million, or 116.5%, from $32.8 million in the third
   quarter of 2002.  The improvement in operating income was driven by
   productivity, double-digit sales increases in the tools and
   accessories businesses and the Lenox acquisition, partially offset by
   the planned product line exits at Levolor/Kirsch.

   CALPHALON HOME

   Net sales for the third quarter of 2003 were $266.6 million, a
   decrease of $31.0 million, or 10.4%, from $297.6 million in the third
   quarter of 2002.  The sales decrease was primarily the result of a
   double-digit decline at the US picture frame business and a high
   single digit decline in the low-end cookware and bakeware business.

   Operating income for the third quarter of 2003 was $12.2 million, a
   decrease of $19.1 million, or 61.0%, from $31.3 million in the third
   quarter of 2002.  The decrease in operating income is primarily due to
   the decline in sales at the US picture frame business, unfavorable
   product mix and pricing pressure on opening price point products.

   NINE MONTHS ENDED SEPTEMBER 30, 2003 VS. NINE MONTHS ENDED
   SEPTEMBER 30, 2002

   CONSOLIDATED OPERATING RESULTS:

   Net sales for the nine months ended September 30, 2003 were $5,657.2
   million, an increase of $216.9 million, or 4.0%, from $5,440.3 million
   in 2002.  The increase resulted from sales contributions from the
   American Tool Companies, Inc. (American Tool) (acquired April 2002)
   and American Saw & Mfg. Co. (Lenox) (acquired January 2003)
   acquisitions and favorable currency translation, offset by unfavorable
   pricing of 2%.

                                     21




   Gross margin as a percentage of net sales for the nine months ended
   September 30, 2003 was 27.1%, or $1,535.6 million, versus 27.4%, or
   $1,490.0 million, in the comparable period of 2002.  The reduction in
   gross margin is primarily related to pricing pressures, increased
   prices for certain raw materials and unfavorable product mix at
   certain businesses, offset by productivity initiatives.

   Selling, general and administrative expenses ("SG&A") for the nine
   months ended September 30, 2003 were 17.7% of net sales, or $1,002.5
   million, versus 17.8%, or $970.9 million, in the comparable period of
   2002.  The increase in SG&A is primarily the result of the American
   Tool and Lenox acquisitions and planned investments in marketing
   initiatives, including the Company's Strategic Account Management
   Program and Phoenix Program, supporting the Company's brand portfolio
   and strategic account strategy, partially offset by the Company's
   streamlining initiatives.

   The Company recorded pre-tax strategic restructuring charges of $166.0
   million ($112.4 million after taxes) and $69.8 million ($46.3 million
   after tax) for the nine months ended September 30, 2003 and 2002,
   respectively.  The 2003 pre-tax charge included $67.3 million of
   facility and other exit costs, $88.5 million of employee severance and
   termination benefits, and $10.2 million in other restructuring costs.
   The 2002 pre-tax charge included $18.4 million of facility and other
   exit costs, $43.8 million of employee severance and termination
   benefits, and $7.6 million in other restructuring costs.  See Note 4
   to the Consolidated Financial Statements (Unaudited) for further
   information on the strategic restructuring plan.

   Operating income for the nine months ended September 30, 2003 was 6.5%
   of net sales, or $367.1 million, versus operating income of 8.3%, or
   $449.3 million, in the comparable period of 2002.  The decrease in
   operating margins is primarily the result of increased restructuring
   charges to streamline the Company's supply chain and the decrease in
   gross margins.

   Net nonoperating expenses for the nine months ended September 30, 2003
   were 2.2% of net sales, or $123.2 million, versus 2.3%, or $123.8
   million, in the comparable period of 2002.  The reduction in expenses
   is primarily due to acquisition related charges of $8.7 million ($5.8
   million after tax) incurred in 2002 relating to the Company's
   acquisition of American Tool Companies, Inc. and $13.6 million ($9.0
   million after tax) of Anchor Hocking transaction related costs
   incurred in 2002 associated with the Company's withdrawn divestiture,
   partially offset by the $21.2 million non-cash pre-tax loss recognized
   on the sale of the Cosmolab business in March 2003.

   The effective tax rate was 32.3% for the nine months ended September
   30, 2003 versus 33.7% in the comparable period of 2002.  This lower
   rate reflects, among other things, the increase in earnings in low-tax
   jurisdictions and, in certain jurisdictions, the year over year
   reduction in current year losses and the use of net operating loss
   carryforwards.

   Income before cumulative effect of accounting change for the nine
   months ended September 30, 2003 was $165.0 million, compared to $215.7
   million in the comparable period of 2002.  Diluted earnings per share
   before cumulative effect of accounting change were $0.60 for the nine

                                     22




   months ended September 30, 2003 compared to $0.81 in the comparable
   period of 2002.  The decrease in income and earnings per share before
   cumulative effect of accounting change was primarily due to increased
   restructuring charges to streamline the Company's supply chain and the
   decrease in gross margins.

   Net income (loss) for the nine months ended September 30, 2003 was
   $165.0 million, compared to ($299.2) million in the comparable period
   of 2002.  Diluted earnings (loss) per share were $0.60 for the nine
   months ended September 30, 2003 compared to ($1.12) in the comparable
   period of 2002.  The difference in net income and diluted earnings per
   share is primarily the result of the $538.0 million, $514.9 million
   net of tax, cumulative effect of an accounting change adjustment
   related to the Company's adoption of FAS 142 as discussed in Note 2 to
   the Consolidated Financial Statements (Unaudited), and the decrease in
   income before cumulative effect of accounting change discussed above.

   BUSINESS SEGMENT OPERATING RESULTS:

   Net sales in the four segments in which the Company operates were as
   follows for the nine months ended September 30, (IN MILLIONS):

                                      2003          2002       % Change
                                      ----         ----        --------
   Rubbermaid                       $2,237.1     $2,207.7        1.3%
   Sharpie                           1,168.6      1,178.0       (0.8)
   Irwin                             1,523.8      1,257.6       21.2
   Calphalon Home                      727.7        797.0       (8.7)
                                    --------     --------       ----
         Total Net Sales (1)        $5,657.2     $5,440.3        4.0%
                                    ========     ========       ====

   Operating income by segment was as follows for the nine months ended
   September 30, (IN MILLIONS):

                                        2003        2002       % Change
                                        ----        ----       --------
   Rubbermaid                         $166.1       $190.4      (12.8)%
   Sharpie                             200.2        196.7        1.8
   Irwin                               166.2         94.0       77.0
   Calphalon Home                       25.0         60.7      (58.8)
   Corporate Costs (2)                 (24.4)       (22.7)
   Restructuring Costs                (166.0)       (69.8)
                                      ------       ------
         Total Operating Income (3)   $367.1       $449.3
                                      ======       ======

     (1)  All intercompany transactions have been eliminated.  Sales to
          Wal*Mart Stores, Inc. and subsidiaries amounted to approximately
          16% and 15% of consolidated net sales in the first nine months
          of 2003 and 2002. Sales to no other customer exceeded 10% of
          consolidated net sales for either period.
     (2)  Corporate operating expenses consist primarily of administrative
          costs that cannot be allocated to a particular segment.
     (3)  Operating income is net sales less cost of products sold, selling,
          general and administrative expenses, and restructuring costs.
          Certain headquarters expenses of an operational nature are
          allocated to business segments and geographic areas primarily on
          a net sales basis. Trade names amortization is considered a
          corporate expense and not allocated to business segments.



                                     23




   RUBBERMAID

   Net sales for the nine months ended September 30, 2003 were $2,237.1
   million, an increase of $29.4 million, or 1.3%, from $2,207.7 million
   in the comparable period of 2002.  A double-digit increase at
   Rubbermaid Europe (primarily currency driven) and mid-single digit
   increase at Rubbermaid Home Products was partially offset by a high-
   single digit decrease in the Graco business and mid-single digit
   decrease in the Little Tikes business.

   Operating income for the nine months ended September 30, 2003 was
   $166.1 million, a decrease of $24.3 million, or 12.8%, from $190.4
   million in the comparable period of 2002.  The decrease in operating
   income is primarily the result of pricing pressure in opening price
   point items and increased costs of certain raw materials.

   SHARPIE

   Net sales for the nine months ended September 30, 2003 were $1,168.6
   million, a decrease of $9.4 million, or 0.8%, from $1,178.0 million in
   the comparable period of 2002.  The decrease in sales is primarily the
   result of the disposition of Cosmolab in March 2003.  Excluding sales
   from the divested Cosmolab business, net sales were up by $14.1
   million, or 1.2%.

   Operating income for the nine months ended September 30, 2003 was
   $200.2 million, an increase of $3.5 million, or 1.8%, from $196.7
   million in the comparable period of 2002.  Operating income was
   positively impacted by sales growth (excluding Cosmolab), productivity
   and favorable mix management, partially offset by investments in
   marketing initiatives.

   IRWIN

   Net sales for the nine months ended September 30, 2003 were $1,523.8
   million, an increase of $266.2 million, or 21.2%, from $1,257.6
   million in the comparable period of 2002.  The increase in net sales
   through the first nine months of 2003 was primarily due to incremental
   sales from the American Tool and Lenox acquisitions, a double digit
   sales increase at Home Decor (primarily currency driven) and double-
   digit increases in the tools and accessories businesses, partially
   offset by double-digit sales declines at Levolor/Kirsch resulting from
   the planned exit of low margin product lines.

   Operating income for the nine months ended September 30, 2003 was
   $166.2 million, an increase of $72.2 million, or 77.0%, from $94.0
   million in the comparable period of 2002.  The improvement in
   operating income was driven by productivity, the Lenox and American
   Tool acquisitions and double-digit sales increases in the tools and
   accessories businesses, partially offset by the planned product line
   exits at Levolor/Kirsch.

   CALPHALON HOME

   Net sales for the nine months ended September 30, 2003 were $727.7
   million, a decrease of $69.3 million, or 8.7%, from $797.0 million in
   the comparable period of 2002.  The sales decrease was primarily due
   to the decline in sales at the US picture frame business, the result

                                     24




   of the Company's planned exit from certain high risk customers and
   pricing pressure on opening price point items.

   Operating income for the nine months ended September 30, 2003 was
   $25.0 million, a decrease of $35.7 million, or 58.8%, from $60.7
   million in the comparable period of 2002.  The decrease in operating
   income is primarily due to the decline in sales at the US picture
   frame business and pricing pressure on opening price point products.

   LIQUIDITY AND CAPITAL RESOURCES
   -------------------------------

   SOURCES:

   The Company's primary sources of liquidity and capital resources
   include cash provided from operations and use of available borrowing
   facilities.

   Cash provided from operating activities for the nine months ended
   September 30, 2003 was $420.5 million compared to $569.2 million for
   the comparable period of 2002.  The decrease in cash provided from
   operating activities was due to a decrease in earnings before non-cash
   charges of $57.2 million and a net increase in working capital which
   used an additional $110.2 million, partially offset by deferred gains
   of $18.7 million relating to the early termination of certain interest
   rate swap arrangements.

   Through the first nine months of 2003, the Company received proceeds
   from the issuance of debt of $1,040.5 million compared to $523.1
   million in the year ago period.

   On January 10, 2003, the Company completed the sale of 6.67 million
   shares of its common stock at a public offering price of $30.10 per
   share pursuant to a shelf registration statement filed with the
   Securities and Exchange Commission.  Total proceeds from the sale were
   approximately $200.8 million, resulting in net proceeds to the
   Company, before expenses, of $200.1 million.  The proceeds were used
   to reduce the Company's commercial paper borrowings.

   The Company has a $1.0 billion universal shelf registration statement
   that became effective in April 2003 under which debt and equity
   securities may be issued.  Through the first nine months of 2003,
   $400.0 million of medium term notes were issued under this shelf
   registration statement, the proceeds of which were used to pay down
   commercial paper.

   USES:

   The Company's primary uses of liquidity and capital resources include
   acquisitions, dividend payments and capital expenditures.

   Cash used for acquisitions was $460.0 million for the first nine
   months of 2003, compared to $228.5 million in the year ago period, and
   is related primarily to the acquisition of Lenox, which was funded
   through the issuance of commercial paper.

   On March 27, 2003, the Company completed the sale of its Cosmolab
   business, a division of the Sharpie segment.  The Company received

                                     25




   cash proceeds of $7.5 million related to the Cosmolab transaction.
   The Company used the proceeds from the sale to reduce its commercial
   paper borrowings.

   In the first nine months of 2003, the Company made payments on long-
   term debt of $776.7 million compared to $535.8 million in the year ago
   period.

   On January 10, 2003, the Company received proceeds from the issuance
   of stock of $200.1 million.  The proceeds received were used to reduce
   the Company's commercial paper borrowings.  Refer to Note 6 in the
   Consolidated Financial Statements (Unaudited) for further information.

   Cash used for restructuring activities was $77.7 million and $41.7
   million in the first nine months of 2003 and 2002, respectively.  Such
   cash payments represent primarily employee termination benefits.

   Capital expenditures were $247.1 million and $185.2 million in the
   first nine months of 2003 and 2002, respectively.  The increase in
   capital expenditures is primarily due to the acquisitions of American
   Tool and Lenox and the Company's increased investment in new product
   development and productivity initiatives.

   Aggregate dividends paid were $173.1 million and $168.2 million during
   the first nine months of 2003 and 2002, respectively.

   Retained earnings decreased in the first nine months of 2003 by $8.1
   million.  The reduction in retained earnings is due to cash dividends
   paid on common stock, partially offset by current year earnings.

   Working capital at September 30, 2003 was $965.2 million compared to
   $465.6 million at December 31, 2002.  The current ratio at September
   30, 2003 was 1.44:1 compared to 1.18:1 at December 31, 2002.  The
   increase in working capital and the current ratio is due to the
   American Tool and Lenox acquisitions, and a reduction in the current
   portion of long-term debt.

   Total debt to total capitalization (total debt is net of cash and cash
   equivalents, and total capitalization includes total debt and
   stockholders' equity) was .47:1 at September 30, 2003 and .47:1 at
   December 31, 2002.

   The Company believes that cash provided from operations and available
   borrowing facilities will continue to provide adequate support for the
   cash needs of existing businesses; however, certain events, such as
   significant acquisitions, could require additional external financing.

   MINIMUM PENSION LIABILITY
   -------------------------

   The decline in U.S. and European interest rates since November 2002
   has caused the Company to change the discount rate used to calculate
   the present value of its pension liabilities from 6.75% at December
   31, 2002 to an estimated 6.25% at December 31, 2003, increasing the
   Company's pension plan liability.  As a result, the Company's pension
   plan, which historically has had an over-funded position, currently is
   under-funded.  In accordance with the Financial Accounting Standards
   Board (FASB) Statement No. 87, Employers' Accounting for Pensions, the

                                     26




   Company expects to record an additional minimum pension liability
   adjustment at December 31, 2003.  Based on September 30, 2003 plan
   asset values, the approximate effect of this non-cash adjustment would
   be to increase the pension liability by approximately $175 to $210
   million, with a corresponding charge to equity, net of taxes of
   approximately $110 to $130 million.  The direct charge to
   stockholders' equity would not affect net income, but would be
   included in other comprehensive income.  The Company remains confident
   that its pension plan has the appropriate long-term investment
   strategy and the Company's liquidity position is expected to remain
   strong.

   MARKET RISK
   -----------

   The Company's market risk is impacted by changes in interest rates,
   foreign currency exchange rates and certain commodity prices.
   Pursuant to the Company's policies, natural hedging techniques and
   derivative financial instruments may be utilized to reduce the impact
   of adverse changes in market prices.  The Company does not hold or
   issue derivative instruments for trading purposes.

   The Company's primary market risk is foreign exchange and interest
   rate exposure.

   The Company manages interest rate exposure through its conservative
   debt ratio target and its mix of fixed and floating rate debt.
   Interest rate swaps may be used to adjust interest rate exposures when
   appropriate based on market conditions, and, for qualifying hedges,
   the interest differential of swaps is included in interest expense.

   The Company's foreign exchange risk management policy emphasizes
   hedging anticipated intercompany and third party commercial
   transaction exposures of one-year duration or less.  The Company
   focuses on natural hedging techniques of the following form:  1)
   offsetting or netting of like foreign currency flows, 2) structuring
   foreign subsidiary balance sheets with appropriate levels of debt to
   reduce subsidiary net investments and subsidiary cash flows subject to
   conversion risk, 3) converting excess foreign currency deposits into
   U.S. dollars or the relevant functional currency and 4) avoidance of
   risk by denominating contracts in the appropriate functional currency.
   In addition, the Company utilizes forward contracts and purchased
   options to hedge commercial and intercompany transactions.  Gains and
   losses related to qualifying hedges of commercial and intercompany
   transactions are deferred and included in the basis of the underlying
   transactions.  Derivatives used to hedge intercompany loans are marked
   to market with the corresponding gains or losses included in the
   Company's Consolidated Statements of Operations.

   Due to the diversity of its product lines, the Company does not have
   material sensitivity to any one commodity.  The Company manages
   commodity price exposures primarily through the duration and terms of
   its vendor contracts.

   The amounts shown below represent the estimated potential economic
   loss that the Company could incur from adverse changes in either
   interest rates or foreign exchange rates using the value-at-risk
   estimation model.  The value-at-risk model uses historical foreign

                                     27




   exchange rates and interest rates to estimate the volatility and
   correlation of these rates in future periods.  This model estimates a
   loss in fair market value using statistical modeling techniques that
   are based on a variance/covariance approach and includes substantially
   all market risk exposures (specifically excluding equity-method
   investments).  The fair value losses shown in the table below have no
   impact on results of operations or financial condition at September
   30, 2003 as they represent hypothetical, not realized losses.  The
   following table indicates the calculated amounts for the nine months
   ended September 30, (IN MILLIONS):




                          2003                     2002
                          Nine                     Nine
                         Month   September 30,    Month   September 30,  Confidence
                        Average      2003        Average      2002          Level
                        -------      ----        -------      ----          -----
                                                              
   Interest rates        $22.4       $21.1        $17.4      $21.2           95%
   Foreign exchange       $1.2        $1.1         $0.3       $0.4           95%




   The 95% confidence interval signifies the Company's degree of
   confidence that actual losses would not exceed the estimated losses
   shown above.  The amounts shown here disregard the possibility that
   interest rates and foreign currency exchange rates could move in the
   Company's favor.  The value-at-risk model assumes that all movements
   in these rates will be adverse.  Actual experience has shown that
   gains and losses tend to offset each other over time, and it is highly
   unlikely that the Company could experience losses such as these over
   an extended period of time.  These amounts should not be considered
   projections of future losses, because actual results may differ
   significantly depending upon activity in the global financial markets.

   FORWARD LOOKING STATEMENTS
   --------------------------

   Forward-looking statements in this Report are made in reliance upon
   the safe harbor provisions of the Private Securities Litigation Reform
   Act of 1995.  Such forward-looking statements relate to, but are not
   limited to, such matters as sales, income, earnings per share, return
   on equity, return on invested capital, capital expenditures, working
   capital, dividends, capital structure, debt to capitalization ratios,
   interest rates, internal growth rates, impacts of changes in
   accounting standards, pending legal proceedings and claims (including
   environmental matters), future economic performance, operating income
   improvements, synergies, management's plans, goals and objectives for
   future operations and growth or the assumptions relating to any of the
   forward-looking statements.  The Company cautions that forward-looking
   statements are not guarantees because there are inherent difficulties
   in predicting future results.  Actual results could differ materially
   from those expressed or implied in the forward-looking statements.
   Factors that could cause actual results to differ include, but are not
   limited to, those matters set forth in this Report and Exhibit 99.1 to
   this Report.

   ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

   The information required by this item is incorporated herein by
   reference to the section entitled "Market Risk" in the Company's

                                     28




   Management's Discussion and Analysis of Results of Operations and
   Financial Condition (Part I, Item 2).

   ITEM 4.  CONTROLS AND PROCEDURES

        a)   EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.  As of
             September 30, 2003, the Company's chief executive officer
             and chief financial officer have evaluated the effectiveness
             of the Company's disclosure controls and procedures.  Based
             on that evaluation, the chief executive officer and the
             chief financial officer concluded that the Company's
             disclosure controls and procedures were effective.

        b)   CHANGES IN INTERNAL CONTROLS.  There have been no
             significant changes in the Company's internal controls or in
             other facts that could significantly affect internal
             controls subsequent to the date of their evaluation.










































                                     29




   PART II.  OTHER INFORMATION

   ITEM 1.  LEGAL PROCEEDINGS

   Information required under this Item is contained above in Part I.
   Financial Information, Item 1 and is incorporated herein by reference.

   ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits:

             4.3  Rights Agreement, dated as of August 6, 1998, between
                  the Company and First Chicago Trust Company of New
                  York, as Rights Agent (incorporated by reference to
                  Exhibit 4 to the Company's Current Report on Form 8-K
                  dated August 6, 1998), as amended by a First Amendment
                  to Rights Agreement effective as of September 29, 2003,
                  between the Company and The Bank of New York, as Rights
                  Agent (incorporated by reference to Exhibit 4.2 to the
                  Company's Registration Statement on Form 8-A/A, filed
                  October 27, 2003).

             4.7  Specimen Common Stock.

             12.  Statement of Computation of Ratio of Earnings to Fixed
                  Charges.

             31.1 Certification of Chief Executive Officer Pursuant to
                  Rule 13a-14(a) or Rule 15d-14(a), As Adopted Pursuant
                  to Section 302 of the Sarbanes-Oxley Act of 2002.

             31.2 Certification of Chief Financial Officer Pursuant to
                  Rule 13a-14(a) or Rule 15d-14(a) , As Adopted Pursuant
                  to Section 302 of the Sarbanes-Oxley Act of 2002.

             32.1 Certification of Chief Executive Officer Pursuant to 18
                  U.S.C. Section 1350, as Adopted Pursuant to Section 906
                  of the Sarbanes-Oxley Act of 2002.

             32.2 Certification of Chief Financial Officer Pursuant to 18
                  U.S.C. Section 1350, as Adopted pursuant to Section 906
                  of the Sarbanes-Oxley Act of 2002.

             99.1 Safe Harbor Statement.

        (b)  Reports on Form 8-K:

             Report on Form 8-K, dated July 31, 2003, that included a
             press release announcing the Company's results for the
             second fiscal quarter ended June 30, 2003.

             Report on Form 8-K, dated September 2, 2003, that included a
             press release announcing the Company's appointment of three
             key executives to expanded roles.

             Report on Form 8-K, dated September 10, 2003, that included
             a press release announcing the appointment of The Bank of
             New York as the Company's new stock transfer agent,
             registrar and dividend disbursement and reinvestment agent,
             effective September 29, 2003.


                                     30



                                 SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934,
   the Registrant has duly caused this report to be signed on its behalf
   by the undersigned, thereunto duly authorized.

                                   NEWELL RUBBERMAID INC.
                                   Registrant


    Date: November 10, 2003        /s/ J. Patrick Robinson
                                   -------------------------------------
                                   J. Patrick Robinson
                                   Vice President - Corporate Controller
                                   and Chief Financial Officer











































                                     31





                                                              EXHIBIT 4.7
                                                              -----------



         [SPECIMEN NEWELL RUBBERMAID INC. COMMON STOCK CERTIFICATE]

        NUMBER                                               COMMON STOCK
        CN
                                                                   SHARES

   [Graphic depicting a statue of a woman
   holding a sign with Newell Rubbermaid's logo]          SEE REVERSE FOR
                                                      CERTAIN DEFINITIONS


                           NEWELL RUBBERMAID INC.       CUSIP 651192 10 6

            INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE


   THIS CERTIFIES THAT



   IS THE OWNER OF

   FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK $1 PAR VALUE
   OF

   Newell Rubbermaid Inc. transferable on the books of the Corporation by
   the holder hereof in person or by duly authorized attorney upon
   surrender of this certificate properly endorsed.  This certificate and
   the shares represented hereby are issued under and shall be subject to
   all of the provisions of the Certificate of Incorporation and the By-
   Laws of the Corporation and any amendments thereto, copies of which
   are on file with the Corporation and the Transfer Agent, to all of
   which the holder, by acceptance hereof, assents.  This certificate is
   not valid unless countersigned by the Transfer Agent and registered by
   the Registrar.

   [Newell Rubbermaid logo]

   [Newell Rubbermaid corporate seal]

   Witness the seal of the Corporation and the facsimile signatures of
   its duly authorized officers.

   Dated:


   /s/ Dale L. Matschullat                 /s/ Joseph Galli
   -----------------------------           ----------------------
   CORPORATE SECRETARY                     PRESIDENT AND
                                           CHIEF EXECUTIVE OFFICER

                                           Countersigned and Registered:
                                           THE BANK OF NEW YORK

                                           BY





   This certificate also evidences and entitles the holder hereof to
   certain Rights as set forth in a Rights Agreement between NEWELL
   RUBBERMAID INC. and First Chicago Trust Company of New York dated as
   of August 6, 1998, as amended between NEWELL RUBBERMAID INC. and The
   Bank of New York dated as of September 29, 2003, and as may be further
   amended and modified from time to time (the "Rights Agreement"), the
   terms of which are hereby incorporated herein by reference and a copy
   of which is on file at the principal executive offices of NEWELL
   RUBBERMAID INC.  Under certain circumstances, as set forth in the
   Rights Agreement, such Rights may be redeemed, may expire or may be
   evidenced by separate certificates and will no longer be evidenced by
   this certificate.  NEWELL RUBBERMAID INC. will mail to the holder of
   this certificate a copy of the Rights Agreement without charge
   promptly upon receipt of a written request therefor.  Under certain
   circumstances, Rights issued to, or held by an Acquiring Person or
   Associates or Affiliates of an Acquiring Person (as defined in the
   Rights Agreement) and any subsequent holder of such Rights may become
   null and void.

        The following abbreviations, when used in the inscription on the
   face of this certificate, shall be construed as though they were
   written out in full according to applicable laws or regulations:

        TEN COM -- as tenants      UNIF GIFT MIN ACT _____Custodian _____
                   in common                        (Cust)        (Minor)

        TEN ENT -- as tenants              under Uniform Gifts to Minors
                   by the entireties       Act __________________________
                                                       (State)
        JT TEN  -- as joint tenants
                   with rights of survivorship
                   and not as tenants in
                   common

        Additional abbreviations may also be
        used though not in the above list.

        For value received _____ hereby sell assign and transfer unto



   (PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE)







                (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
                      INCLUDING ZIP CODE, OF ASSIGNEE)





   __________________________________________________ Shares of the
   capital stock represented by the within Certificate, and do hereby
   irrevocably constitute and appoint ______________________ Attorney to
   transfer the said stock on the books of the within named Corporation
   with full power of substitution in the premises.

   Dated

   Affix medallion signature                         X___________________
   guarantee imprint below                                (Signature)

                                                     X___________________
                                                          (Signature)





                                 ABOVE SIGNATURE(S) TO THIS ASSIGNMENT
                                 MUST CORRESPOND WITH THE NAME AS WRITTEN
                                 UPON THE FACE OF THE CERTIFICATE IN
                                 EVERY PARTICULAR, WITHOUT ALTERATION OR
                                 ENLARGEMENT, OR ANY CHANGE WHATEVER.

                                 THE SIGNATURE(S) MUST BE GUARANTEED BY
                                 AN ELIGIBLE GUARANTOR INSTITUTION SUCH
                                 AS A SECURITIES BROKER/DEALER,
                                 COMMERCIAL BANK & TRUST COMPANY SAVINGS
                                 AND LOAN ASSOCIATION OR A CREDIT UNION
                                 PARTICIPATING IN A MEDALLION PROGRAM
                                 APPROVED BY THE SECURITIES TRANSFER
                                 ASSOCIATION, INC.






                                                                                                             EXHIBIT 12
                                                                                                             ----------

      NEWELL RUBBERMAID INC. AND SUBSIDIARIES
      STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
      (IN MILLIONS, EXCEPT RATIO DATA)


                                                                      Three Months Ended           Nine Months Ended
                                                                         September 30,                September 30,
                                                                         ------------                 ------------
                                                                       2003           2002          2003         2002
                                                                       ----           ----          ----         ----
                                                                                                     
      Earnings available for fixed charges:
         Income before income taxes and cumulative effect
            of accounting change                                      $110.9         $114.0        $243.9        $325.5
         Fixed charges:
            Interest expense                                            27.4           29.7          88.0          84.1
            Portion of rent determined to be interest (1)               11.9            9.8          34.1          29.7
            Minority interest in income of subsidiary trust              6.7            6.7          20.0          20.0
            Equity earnings                                                -              -             -          (0.7)
                                                                      ------         ------        ------        ------
                                                                      $156.9         $160.2        $386.0        $458.6
                                                                      ======         ======        ======        ======

      Fixed charges:
         Interest expense                                              $27.4          $29.7         $88.0         $84.1
         Portion of rent determined to be interest (1)                  11.9            9.8          34.1          29.7
         Minority interest in income of subsidiary trust                 6.7            6.7          20.0          20.0
                                                                      ------         ------        ------        ------
                                                                       $46.0          $46.2        $142.1        $133.8
                                                                      ======         ======        ======        ======


      Ratio of earnings to fixed charges                                 3.41           3.47          2.72          3.43
                                                                       ======         ======        ======        ======

     (1) A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and
         long-term leases.






                                                             EXHIBIT 31.1
                                                             ------------

                                CERTIFICATION


   I, Joseph Galli, Jr., certify that:

   1.   I have reviewed this report on Form 1O-Q for the quarterly period
        ended September 30, 2003 of Newell Rubbermaid Inc.;

   2.   Based on my knowledge, this report does not contain any untrue
        statement of a material fact or omit to state a material fact
        necessary to make the statements made, in light of the
        circumstances under which such statements were made, not
        misleading with respect to the period covered by this report;

   3.   Based on my knowledge, the financial statements, and other
        financial information included in this report, fairly present in
        all material respects the financial condition, results of
        operations and cash flows of the registrant as of, and for, the
        periods presented in this report;

   4.   The registrant's other certifying officer(s) and I are
        responsible for establishing and maintaining disclosure controls
        and procedures (as defined in Exchange Act Rules 13a-15(e) and
        15d-15(e)) for the registrant and have:

        (a)  Designed such disclosure controls and procedures, or caused
             such disclosure controls and procedures to be designed under
             our supervision, to ensure that material information
             relating to the registrant, including its consolidated
             subsidiaries, is made known to us by others within those
             entities, particularly during the period in which this
             report is being prepared;

        (b)  Evaluated the effectiveness of the registrant's disclosure
             controls and procedures and presented in this report our
             conclusions about the effectiveness of the disclosure
             controls and procedures, as of the end of the period covered
             by this report based on such evaluation; and

        (c)  Disclosed in this report any change in the registrant's
             internal control over financial reporting that occurred
             during the registrant's most recent fiscal quarter (the
             registrant's fourth fiscal quarter in the case of an annual
             report) that has materially affected, or is reasonably
             likely to materially affect, the registrant's internal
             control over financial reporting; and

   5.   The registrant's other certifying officer(s) and I have
        disclosed, based on our most recent evaluation of internal
        control over financial reporting, to the registrant's auditors




        and the audit committee of the registrant's board of directors
        (or persons performing the equivalent functions):

        (a)  All significant deficiencies and material weaknesses in the
             design or operation of internal control over financial
             reporting which are reasonably likely to adversely affect
             the registrant's ability to record, process, summarize and
             report financial information; and

        (b)  Any fraud, whether or not material, that involves management
             or other employees who have a significant role in the
             registrant's internal control over financial reporting.


   Date:  November 10, 2003

                                           /s/ Joseph Galli, Jr.
                                           -----------------------------
                                           Joseph Galli, Jr.
                                           Chief Executive Officer

































                                      2




                                                             EXHIBIT 31.2
                                                             ------------


                                CERTIFICATION


   I, J. Patrick Robinson, certify that:

   1.   I have reviewed this report on Form 1O-Q for the quarterly period
        ended September 30, 2003 of Newell Rubbermaid Inc.;

   2.   Based on my knowledge, this report does not contain any untrue
        statement of a material fact or omit to state a material fact
        necessary to make the statements made, in light of the
        circumstances under which such statements were made, not
        misleading with respect to the period covered by this report;

   3.   Based on my knowledge, the financial statements, and other
        financial information included in this report, fairly present in
        all material respects the financial condition, results of
        operations and cash flows of the registrant as of, and for, the
        periods presented in this report;

   4.   The registrant's other certifying officer(s) and I are
        responsible for establishing and maintaining disclosure controls
        and procedures (as defined in Exchange Act Rules 13a-15(e) and
        15d-15(e)) for the registrant and have:

        (a)  Designed such disclosure controls and procedures, or caused
             such disclosure controls and procedures to be designed under
             our supervision, to ensure that material information
             relating to the registrant, including its consolidated
             subsidiaries, is made known to us by others within those
             entities, particularly during the period in which this
             report is being prepared;

        (b)  Evaluated the effectiveness of the registrant's disclosure
             controls and procedures and presented in this report our
             conclusions about the effectiveness of the disclosure
             controls and procedures, as of the end of the period covered
             by this report based on such evaluation; and

        (c)  Disclosed in this report any change in the registrant's
             internal control over financial reporting that occurred
             during the registrant's most recent fiscal quarter (the
             registrant's fourth fiscal quarter in the case of an annual
             report) that has materially affected, or is reasonably
             likely to materially affect, the registrant's internal
             control over financial reporting; and

   5.   The registrant's other certifying officer(s) and I have
        disclosed, based on our most recent evaluation of internal



        control over financial reporting, to the registrant's auditors
        and the audit committee of the registrant's board of directors
        (or persons performing the equivalent functions):

        (a)  All significant deficiencies and material weaknesses in the
             design or operation of internal control over financial
             reporting which are reasonably likely to adversely affect
             the registrant's ability to record, process, summarize and
             report financial information; and

        (b)  Any fraud, whether or not material, that involves management
             or other employees who have a significant role in the
             registrant's internal control over financial reporting.


   Date:  November 10, 2003


                                           /s/ J. Patrick Robinson
                                           -----------------------------
                                           J. Patrick Robinson
                                           Chief Financial Officer































                                      2



                                                             EXHIBIT 32.1
                                                             ------------


                         CERTIFICATION PURSUANT TO
                          18 U.S.C. SECTION 1350,
                           AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

   In connection with the Quarterly Report of Newell Rubbermaid Inc. (the
   "COMPANY") on Form 10-Q for the period ending September 30, 2003 as
   filed with the Securities and Exchange Commission on the date hereof
   (the "REPORT"), I, Joseph Galli, Jr., Chief Executive Officer of the
   Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
   pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

        (1) The Report fully complies with the requirements of section
   13(a) or 15(d) of the Securities Exchange Act of 1934; and

        (2) The information contained in the Report fairly presents, in
   all material respects, the financial condition and result of
   operations of the Company.





   /s/ Joseph Galli, Jr.



   Joseph Galli, Jr.
   Chief Executive Officer
   November 10, 2003




                                                             EXHIBIT 32.2
                                                             ------------


                          CERTIFICATION PURSUANT TO
                           18 U.S.C. SECTION 1350,
                           AS ADOPTED PURSUANT TO
                SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

   In connection with the Quarterly Report of Newell Rubbermaid Inc. (the
   "COMPANY") on Form 10-Q for the period ending September 30, 2003 as
   filed with the Securities and Exchange Commission on the date hereof
   (the "REPORT"), I, J. Patrick Robinson, Chief Financial Officer of the
   Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
   pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

        (1) The Report fully complies with the requirements of section
   13(a) or 15(d) of the Securities Exchange Act of 1934; and

        (2) The information contained in the Report fairly presents, in
   all material respects, the financial condition and result of
   operations of the Company.





   /s/ J. Patrick Robinson



   J. Patrick Robinson
   Chief Financial Officer
   November 10, 2003



                                                             EXHIBIT 99.1
                                                             ------------


                NEWELL RUBBERMAID INC. SAFE HARBOR STATEMENT

   The Company has made statements in its Annual Report on Form 10-K for
   the year ended December 31, 2002, as well as in its Quarterly Report
   on Form 10-Q for the quarter ended September 30, 2003, and the
   documents incorporated by reference therein that constitute forward-
   looking statements, as defined by the Private Securities Litigation
   Reform Act of 1995. These statements are subject to risks and
   uncertainties.  The statements relate to, and other forward-looking
   statements that may be made by the Company may relate to, information
   or assumptions about sales, income, earnings per share, return on
   equity, return on invested capital, capital expenditures, working
   capital, dividends, capital structure, debt to capitalization ratios,
   interest rates, internal growth rates, impact of changes in accounting
   standards, pending legal proceedings and claims (including
   environmental matters), future economic performance, operating income
   improvements, synergies, management's plans, goals and objectives for
   future operations and growth.  These statements generally are
   accompanied by words such as "intend," "anticipate," "believe,"
   "estimate," "project," "target," "expect," "should" or similar
   statements.  You should understand that forward-looking statements are
   not guarantees because there are inherent difficulties in predicting
   future results.  Actual results could differ materially from those
   expressed or implied in the forward-looking statements.  The factors
   that are discussed below, as well as the matters that are set forth
   generally in the 2002 Form 10-K, the 3rd Quarter 2003 Form 10-Q and
   the documents incorporated by reference therein could cause actual
   results to differ.  Some of these factors are described as criteria
   for success.  Our failure to achieve, or limited success in achieving,
   these objectives could result in actual results differing materially
   from those expressed or implied in the forward-looking statements.  In
   addition, there can be no assurance that we have correctly identified
   and assessed all of the factors affecting the Company or that the
   publicly available and other information we receive with respect to
   these factors is complete or correct.

   RETAIL ECONOMY

   Our business depends on the strength of the retail economies in
   various parts of the world, primarily in North America and to a lesser
   extent Europe, Central and South America and Asia.

   These retail economies are affected primarily by such factors as
   consumer demand and the condition of the consumer products retail
   industry, which, in turn, are affected by general economic conditions
   and events such as the terrorist attacks of September 11, 2001.  In
   recent years, the consumer products retail industry in the U.S. and,
   increasingly, elsewhere has been characterized by intense competition
   and consolidation among both product suppliers and retailers.  Because
   such competition, particularly in weak retail economies, can cause



   retailers to struggle or fail, the Company must continuously monitor,
   and adapt to changes in, the creditworthiness of its customers.

   NATURE OF THE MARKETPLACE

   We compete with numerous other manufacturers and distributors of
   consumer products, many of which are large and well-established.  Our
   principal customers are large mass merchandisers, such as discount
   stores, home centers, warehouse clubs and office superstores.  The
   rapid growth of these large mass merchandisers, together with changes
   in consumer shopping patterns, have contributed to the formation of
   dominant multi-category retailers, many of which have strong
   bargaining power with suppliers.  This environment significantly
   limits our ability to recover cost increases through selling price
   increases.  Other trends among retailers are to foster high levels of
   competition among suppliers, to demand that manufacturers supply
   innovative new products and to require suppliers to maintain or reduce
   product prices and deliver products with shorter lead times.  Another
   trend is for retailers to import products directly from foreign
   sources.

   The combination of these market influences has created an intensely
   competitive environment in which our principal customers continuously
   evaluate which product suppliers to use, resulting in pricing
   pressures and the need for strong end-user brands, the continuing
   introduction of innovative new products and constant improvements in
   customer service.

   NEW PRODUCT DEVELOPMENT

   Our long-term success in this competitive retail environment depends
   on our consistent ability to develop innovative new products that
   create consumer demand for our products.  Although many of our
   businesses have had notable success in developing new products, we
   need to improve our new product development capability.  There are
   numerous uncertainties inherent in successfully developing and
   introducing innovative new products on a consistent basis.

   MARKETING

   Our competitive success also depends increasingly on our ability to
   develop, maintain and strengthen our end-user brands so that our
   retailer customers will need our products to meet consumer demand.
   Our success also requires increased focus on serving our largest
   customers through key account management efforts.  We will need to
   continue to devote substantial marketing resources to achieving these
   objectives.

   PRODUCTIVITY AND STREAMLINING

   Our success also depends on our ability to improve productivity and
   streamline operations to control and reduce costs.  We need to do this

                                      2



   while maintaining consistently high customer service levels and making
   substantial investments in new product development and in marketing
   our end-user brands.  Our objective is to become our retailer
   customers' low-cost provider and global supplier of choice.  To do
   this, we will need continuously to improve our manufacturing
   efficiencies and develop sources of supply on a world-wide basis.

   ACQUISITIONS AND INTEGRATION

   The acquisition of companies that sell name-brand, staple consumer
   product lines to volume purchasers has historically been one of the
   foundations of our growth strategy.  Over time, our ability to
   continue to make sufficient strategic acquisitions at reasonable
   prices and to integrate the acquired businesses successfully,
   obtaining anticipated cost savings and operating income improvements
   within a reasonable period of time, will be important factors in our
   future growth.

   FOREIGN OPERATIONS

   Foreign operations, especially in Europe (which is a focus of our
   international growth) but also in Asia, Central and South America and
   Canada, are increasingly important to our business.  Foreign
   operations can be affected by factors such as currency devaluation,
   other currency fluctuations and the Euro currency conversion, tariffs,
   nationalization, exchange controls, interest rates, limitations on
   foreign investment in local business and other political, economic and
   regulatory risks and difficulties.

























                                      3