HOBOKEN, N.J.--(BUSINESS WIRE)--May 1, 2019-- Newell Brands Inc. (NASDAQ: NWL) announced today that it has completed divestitures of Process Solutions and Rexair, as it continues to execute on its Accelerated Transformation Plan.
Newell Brands has finalized the divestiture of Process Solutions to an affiliate of One Rock Capital Partners, LLC. Process Solutions, inclusive of Plastic Solutions, Lifoam, Consumer Table Top, Zinc Products and Applied Materials, manufactures custom-designed plastic, nylons, monofilament, and zinc products that solve health care, industrial and consumer challenges.
The company has also completed the sale of its Rexair business to investment funds affiliated with Rhône Capital. Rexair is a manufacturer of innovative home cleaning systems under the Rainbow® brand designed to improve indoor environments for customers around the world.
Newell Brands expects to receive approximately $735 million of after-tax proceeds from these deals, subject to customary working capital and transaction adjustments.
About Newell Brands
Newell Brands (NASDAQ: 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®, Marmot®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, 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.
About One Rock Capital Partners, LLC
One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerockcapital.com.
This news release contains forward-looking information based on management's current views and assumptions, including statements regarding the expected financial impact of proceeds of the Process Solutions and Rexair transactions. Actual results and events may differ materially from those described in the forward-looking statements above. Please refer to the cautionary statements set forth in the "Forward-Looking Statements" section and under the caption “Risk Factors” in Newell Brands’ Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for other factors that could affect our business.
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Source: Newell Brands Inc.
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