The company said it has completed the Rubbermaid sale to United Solutions. The terms of the Rubbermaid consumer storage containers business acquisition by United Solutions includes a five-year license for the use of the Rubbermaid brand name in this category. The Rubbermaid consumer storage business represents less than 5% of total Rubbermaid brand sales. Newell Brands will retain all other Rubbermaid-branded products. Financial terms of both agreements were not disclosed.
In addition, Newell officials said they have also completed the acquisition of Sistema Plastics, a New Zealand based manufacturer and marketer of food storage containers. Sistema has strong market shares and presence in Australia, New Zealand, U.K. and parts of continental Europe.
“The inclusion of the Sistema brand to our current portfolio of food storage and preservation brands, including Rubbermaid food storage, FoodSaver vacuum seal food preservation system and Ball canning and crafting jars, significantly extends our geographic footprint and strengthens our leadership position in this on-trend, growing global category,” said Michael Polk, CEO, Newell Brands.
Newell officials said Sistema Plastics is one of the fastest-growing brands in the food storage market, with annual sales of approximately $145 million. The purchase price was NZ$660 million (U.S. $460 million) and the acquisition is expected to be immediately accretive to normalized earnings. The Sistema acquisition was funded by cash on hand.