Newell Brands Inc. (NYSE: NWL), Hoboken, NJ, announced a series of changes following a strategic review of its business since the completion of the Newell Rubbermaid and Jarden combination in April.
As part of the post-merger restructuring, Newell Brands will sell about 10 percent of its portfolio, including the vast majority of the tools segment, the winter sports businesses within the outdoor solutions segment, the heaters, humidifiers, and fans businesses within the consumer solutions segment, and the consumer storage container business within the home solutions segment. The total 2015 net sales of the businesses held for sale are approximately $1.5 billion.
Newell Brands will transform from a holding company to an operating company as it consolidates its existing 32 business units to 16 operating divisions, including the creation of a new global enterprise-wide e-commerce division.
“Newell Brands new strategic plan establishes a clear set of investment priorities, a new organization design for the company and a sharp set of portfolio choices that will focus our resources on the businesses with the greatest potential for growth and value creation,” said Michael Polk, Newell Brands CEO.
