Hoboken-based Newell Brands has signed a definitive agreement to sell home cleaning systems manufacturer Rexair to global private equity firm Rhône Capital.
The sale is another step in Newell Brands’ accelerated transformation plan, designed to create a more consumer-focused portfolio.
Rexair has developed and manufactured Rainbow brand products meant to eliminate odors and reduce allergens in indoor environments by cleaning the air.
In 2018, net sales for the Rexair business were approximately $123 million.
The deal is expected to close by the end of second quarter, subject to customary closing conditions, including regulatory approval.
Newell did not provide further comment by press time.