Newell Brands Inc. (NYSE: NWL), Hoboken, NJ, announced more changes to its portfolio structure, including an agreement to sell its Rubbermaid consumer storage totes business to United Solutions. The parties will enter into a five-year licensing agreement for use of the Rubbermaid brand name. Terms were not disclosed. Rubbermaid business represents $70 million in annual sales.
Newell also announced it has acquired Smith Mountain Industries, a provider of home fragrance products, sold primarily under the WoodWick Candle brand, for $100 million.
The company is selling its Pine Mountain fire starters, fire logs and fire safety business, as well as its Diamond matches, fire starters, lighters, toothpicks and laundry business. These businesses collectively represent approximately $87 million in annual sales. Private label products and other associated brands in these categories will be included in any sale. Newell Brands will retain all other Diamond-branded products, such as plastic cutlery, as well as its First Alert home safety business.
As previously announced, sales processes are underway for a number of other businesses including the Newell’s two winter sports units, Völkl and K2, and its heaters, humidifiers and fans business. The company hopes to complete the divestiture of these assets, as well as the Pine Mountain and Diamond businesses, in the first half of 2017.
In October 2016, the company entered into a definitive agreement to sell its tools business, including the Irwin, Lenox and Hilmor brands, to Stanley Black & Decker for $2 billion.
