Newell Brands Sells Rubbermaid Consumer Storage Business, Puts Two Others Up For Sale
Newell Brands Inc. said Friday that it has entered into an agreement to sell its Rubbermaid brand consumer storage totes business to United Solutions, a plastic products company. This business represents $70 million in annual sales, but terms of the deal weren't disclosed. The companies will have a five-year licensing deal for the Rubbermaid brand name. Newell is also selling its Pine Mountain fire starters, fire logs and fire safety business, and the Diamond matches, fire starters, toothpicks and laundry business. These two businesses represent about $87 million in annual sales. Newell previously announced plans to sell two winter sports businesses, Vokl and K2, along with its heaters, humidifiers and fans business. The company hopes to reach deal on all of these during the first half of 2017. In Oct. 2016, Newell sold its tools business, including the Lenox and Hilmor brands, to Stanley Black & Decker Inc. , for $1.95 billion. Newell says it has completed the $100 million acquisition of the WoodWick Candle brand for $100 million. Newell shares are unchanged in Friday premarket trading, and up 24.1% for the past year. The S&P 500 index is up 20.1% for the last 12 months.
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