HOBOKEN, N.J.--(BUSINESS WIRE)-- Newell Brands Inc. (NYSE: NWL) today announced it has entered into a definitive agreement to acquire Chesapeake Bay Candle from its founders, for a purchase price of $75 million, subject to customary working capital adjustments. Based in Rockville, Maryland, Chesapeake Bay Candle is a leading developer, manufacturer and marketer of premium candles and other home fragrance products, focused on consumer wellness and natural fragrance. The company is a fast-growing business, with annual net sales of approximately $55 million.

The acquisition will be reported as part of Newell Brands’ Live segment.

The transaction is subject to customary closing conditions and will be funded from cash on hand at the time of closing, which is expected to occur in the fourth quarter of 2017.

About Newell Brands

Newell Brands (NYSE: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Jostens®, Marmot®, Rawlings®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, Waddington and Yankee Candle®. For hundreds of millions of consumers, Newell Brands makes life better every day, where they live, learn, work and play.

This press release and additional information about Newell Brands are available on the company’s website, www.newellbrands.com.

Forward-Looking Statements

This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Factors that may affect actual results include, but are not limited to, whether and when the closing conditions will be satisfied and whether and when the transaction will close. For other factors that could affect our business please refer to those factors listed in our filings with the Securities and Exchange Commission (including the information set forth under the caption "Risk Factors" in our Annual Report on Form 10-K).

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Source: Newell Brands Inc.