Newell Brands Completes Divestitures of Pure Fishing and Jostens
December 21 2018 - 11:30AM
Business Wire
Newell Brands Inc. (NASDAQ:NWL) announced today 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.
About Newell Brands
Newell Brands (NASDAQ: NWL) 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®. For hundreds of millions of consumers, Newell
Brands makes life better every day, where they live, learn, work
and play.
This press release and additional information about Newell
Brands are available on the company’s website,
www.newellbrands.com.
Forward-Looking
Statements
This news release contains forward-looking information based on
management's current views and assumptions, including statements
regarding the expected financial impact and use of proceeds of the
Pure Fishing and Jostens transactions. Actual results and events
may differ materially from those described in the forward-looking
statements above. Please refer to the cautionary statements set
forth in the "Forward-Looking Statements" section and under the
caption “Risk Factors” in Newell Brands’ Annual Report on Form 10-K
and Quarterly Report on Form 10-Q for the third quarter 2018 for
other factors that could affect our business.
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version on businesswire.com: https://www.businesswire.com/news/home/20181221005371/en/
Investors:Nancy O’DonnellSVP, Investor Relations and
Communications+1 (201) 610-6857nancy.odonnell@newellco.com
Media:Claire-Aude StaraciDirector, External
Communications+1 (201) 610-6717claireaude.staraci@newellco.com
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