Newell Brands has announced a definitive agreement to sell its Rubbermaid consumer storage totes business to United Solutions, a leading supplier of plastic products for the home and office.
In conjunction with the sale, the parties will enter into a five-year licensing agreement for use of the Rubbermaid brand name. Financial terms of the agreement were not disclosed. The Rubbermaid consumer storage business represents approximately $70 million in annual sales, according to Newell.
The move is part of an ongoing effort to simplify and strengthen its portfolio, according to the company.
Newell Brands has also completed its acquisition of Smith Mountain Industries, a leading provider of premium home fragrance products, sold primarily under the WoodWick Candle brand, for $100 million, subject to customary working capital adjustments.
Additionally, the company is holding for sale 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 said it will retain all other Diamond-branded products as well as its First Alert home safety business.
As previously announced, sales processes are underway for a number of other businesses including the company’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, within 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 $1.95 billion.