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Thursday, April 21, 2016
Pure Fishing acquisition by Newell Brands completed.
Newell Brands has completed its acquisition of Newell Rubbermaid and the owner of Pure Fishing, the Jarden Corporation.
Originally posted in Angling International
The $15.4 billion transaction, which was announced in December last year, has created a $16 billion consumer goods company that includes some of the world’s best known brands, including Yankee Candle, Graco, Irwin, Rawlins, Coleman and in recreational angling, the Pure Fishing stable of companies. The new business has been renamed Newell Brands Inc. and will continue to be listed on the New York Stock Exchange.
“The combination of our two great organisations creates a powerhouse consumer goods company and sets up a very exciting long-term growth and value creation company,” said Michael Polk, Newell Brands Chief Executive. “I am honoured to have the opportunity to lead Newell Brands and the development of our business. We expect Newell Brands to unlock far greater upside than either company could have done on their own.
“Our immediate focus will be to deliver our 2016 financial objectives, start the work of integrating the two companies and develop long-term corporate and portfolio strategy that will guide the choices we make and the realisation of the company’s full potential.”
For the balance of 2016 the operating structure will remain largely unchanged with Jarden and Newell Rubbermaid commercial operations running alongside each other. William Burke will serve as President of the Jarden Group and will lead the business, working closely with Richard Sansone, Chief Operating Officer.
Martin E. Franklin, Founder and former Chief Executive of Jarden, and Ian Ashken, Co-Founder and former Vice Chairman of Jarden, have joined the Newell Brands Board of Directors.