Newell Brands Inc. said Tuesday it is transforming from a holding company to an operating company as part of a strategic review following the completion of the merger of Newell Rubbermaid and Jarden. The company said it will shrink its existing 32 business units into 16 operating divisions, and create a new global e-commerce division. The company will sell off assets equal to about 10% of its portfolio, including most of its tools business, as well as the heaters, humidifiers and fans businesses within its consumer division. The businesses for sale had total 2015 sales of about $1.5 billion. "The combination of Newell Rubbermaid and Jarden has created a unique platform for transformative value creation and the actions we are taking to reshape the company will unlock this opportunity, bringing greater investment and growth to our highest potential categories like writing, home fragrance, baby, food storage & preparation, appliances & cookware, and outdoor & recreation," Newell President Mark Tarchetti said in a statement. The company is aiming to sell the assets by the first half of 2017 and will use the proceeds to pay down debt. Shares were not yet active in premarket trade, but are up 16% in the year so far, while the S&P 500 has gained about 6%.
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