Newell Brands Completes Divestitures of The Waddington Group and Rawlings Sporting Goods Company, Inc.
HOBOKEN, N.J.--(BUSINESS WIRE)-- Newell Brands Inc. (NYSE:NWL) announced today that it has continued to make progress on the Accelerated Transformation Plan, designed to create a simpler, faster, stronger consumer-focused portfolio of leading brands.
The company completed the sale of The Waddington Group, including Eco-Products, POLAR PAK®, WNA and other industry-leading brands, to Novolex Holdings, LLC.
Newell Brands also completed the divestiture of Rawlings Sporting Goods Company, Inc., comprising the Rawlings®, Miken® and Worth® brands, to a fund managed by Seidler Equity Partners (“SEP”). Major League Baseball co-invested with SEP.
Gross proceeds from both transactions were approximately $2.7 billion. The company continues to expect after-tax proceeds of approximately $2.5 billion, which will be applied to deleveraging and share repurchase.
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®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Rubbermaid Commercial Products®, 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 transactions referenced above. Actual results and events may differ materially from those described in the forward-looking statements above. Please also 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 other reports filed with the U.S. Securities Exchange Commission for other factors that could affect actual results and events.
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Source: Newell Brands Inc.