Newell Brands, the Hoboken-based consumer products company, announced Monday its latest divestiture, as well as the finalization of a pair of previously announced transactions.Newell Brands, the Hoboken-based consumer products company, announced Monday its latest divestiture, as well as the finalization of a pair of previously announced transactions.
The company said it has finalized the acquisition of New Zealand-based food storage container company Sistema Plastics, first announced in December. The $460 million cash deal gives Newell a company with a strong presence in Australia, New Zealand, the United Kingdom and other parts of Europe.
“We are delighted to welcome the Sistema team to Newell Brands,” CEO Michael Polk said in a prepared statement. “The inclusion of the Sistema brand to our current portfolio of food storage and preservation brands, including Rubbermaid food storage, (the) FoodSaver vacuum seal food preservation system and Ball canning and crafting jars, significantly extends our geographic footprint and strengthens our leadership position in this on-trend, growing global category.”
Newell also finalized the sale of its Rubbermaid consumer storage business to United Solutions. The terms of the deal include a five-year license for use of the Rubbermaid brand name in the category. Newell said it would retain all other Rubbermaid-branded products, with the consumer totes business accounting for less than 5 percent of the brand’s total sales.
Financial terms of that deal were not disclosed.
Finally, Newell announced it has reached a definitive agreement to sell its Teutonia baby stroller business in central Europe to a private investor.
Terms of that deal were also not disclosed.