HOBOKEN, N.J.--(BUSINESS WIRE)--Dec. 21, 2018-- Newell Brands Inc. (NASDAQ:NWL) announced today that it has completed divestitures of two businesses, Pure Fishing and Jostens, as the company continues to execute on its Accelerated Transformation Plan, designed to create a simpler, faster, stronger consumer-focused portfolio of leading brands.
Newell Brands has completed the sale of Pure Fishing to Sycamore Partners. Pure Fishing is a leading global provider of fishing tackle, lures, rods and reels, with a portfolio of brands that includes Abu Garcia®, All Star®, Berkley®, Chub®, Fenwick®, Greys®, Hardy®, Hodgman®, Johnson™, JRC®, Mitchell®, Penn®, Pflueger®, Sebile®, Shakespeare®, SpiderWire®, Stren®, and Ugly Stik®.
Newell Brands has also finalized the divestiture of Jostens to Platinum Equity. Jostens’ products comprise yearbooks, publications, jewelry and consumer goods that serve the K-12 educational, college and professional sports segments.
Combined gross proceeds from both transactions were approximately $2.6 billion. The company continues to anticipate approximately $2.5 billion of after-tax proceeds from these divestitures, subject to customary working capital and other transaction adjustments. Proceeds are expected to be used for debt paydown and share repurchase.
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.
This news release contains forward-looking information based on management's current views and assumptions, including statements regarding the expected financial impact and use of proceeds of the Pure Fishing and Jostens 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 Report on Form 10-Q for the third quarter 2018 for other factors that could affect our business.
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Source: Newell Brands Inc.
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