Newell Brands Inc. announced that it has completed divestitures of two businesses, Pure Fishing and Jostens, as the company continues to execute on its Accelerated Transformation Plan, designed to create a simpler, faster, stronger consumer-focused portfolio of leading brands.
Newell Brands has completed the sale of Pure Fishing to Sycamore Partners. Pure Fishing is a leading global provider of fishing tackle, lures, rods and reels, with a portfolio of brands that includes Abu Garcia, All Star, Berkley, Chub, Fenwick, Greys, Hardy, Hodgman, Johnson, JRC, Mitchell, Penn, Pflueger, Sebile, Shakespeare, SpiderWire, Stren, and Ugly Stik.
Newell Brands has also finalized the divestiture of Jostens to Platinum Equity. Jostens’ products comprise yearbooks, publications, jewelry and consumer goods that serve the K-12 educational, college and professional sports segments.
Combined gross proceeds from both transactions were approximately $2.6 billion. The company continues to anticipate approximately $2.5 billion of after-tax proceeds from these divestitures, subject to customary working capital and other transaction adjustments. Proceeds are expected to be used for debt paydown and share repurchase.
Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Marmot, Oster, Sunbeam, FoodSaver, Mr. Coffee, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert, and Yankee Candle.
Image courtesy Abu Garcia
