Pure Fishing’s parent company the Jarden Corporation has been sold for more than $13 billion to Newell Rubbermaid.
The combined company, named Newell Brands, would bring together hundreds of brands, from Sharpie to Yankee Candle, with about $16 billion in revenue.
Newell Rubbermaid said it planned to cut about $500 million worth of costs throughout four years as a result of the transaction. Mr. Polk, head of Newell Rubbermaid will become chief executive of the combined company after the deal closes, while Mr. Franklin, founder and chairman of Jarden, will have a seat on the expanded 13-member board.
The acquisition is subject to approval by shareholders of both Newell Rubbermaid and Jarden Corporation, receipt of regulatory approvals and other customary closing conditions. The transaction is expected to close in the second quarter of 2016.
“The combination of these two great companies creates a $16 billion consumer goods company with incredible potential to grow and create value,” said Polk,
“The scale of our combined businesses in key categories, channels and geographies creates a much broader canvas on which to leverage our advantaged set of brand development and commercial capabilities for accelerated growth and margin expansion. I have long respected the value creation track record and entrepreneurial vision of Jarden’s founder, Martin E. Franklin, co-founder Ian G.H. Ashken, and their team led by Chief Executive Officer James E. Lillie. I want to congratulate Jim on his strong leadership of Jarden over the last twelve years and his work positioning the business for the opportunity ahead, and I look forward to working with Martin and Ian as we drive the new Newell Brands towards its aspiration of becoming one of the preeminent consumer goods companies in the world.”
Mr Franklin, added, “I am delighted that we are to play a part in bringing together these two winning companies. The combination offers significant value for our shareholders and the opportunity to participate in the combined company’s long-term value creation potential as shareholders in Newell Brands. I’m extremely proud of Jarden’s success over the past 14 years, which has been driven by an extraordinary culture designed to perform at a high level. We have spent significant time with Newell Rubbermaid’s senior management team and are convinced they have a similar ambition and drive. I’m excited by the opportunities for this new combined organization and I look forward to being part of this dynamic new chapter.”