Consumer goods company Newell Brands has signed a definitive agreement to sell its materials manufacturing business Process Solutions to private equity firm One Rock Capital Partners LLC.
After tax, proceeds for the divestiture are expected to be $500 million. In 2018, net sales for Process Solutions were approximately $640 million.
Process Solutions manufactures custom-designed plastic, nylons, monofilament and zinc products that solve both industrial and consumer challenges. Brands under Process Solutions include Plastic Solutions, Lifoam, Consumer Table Top, Zinc Products and Applied Materials.
This is the latest in a string of divestitures from the Hoboken-based company. In December, it completed divestitures of fishing tackle provider Pure Fishing and educational publishing materials business Jostens.