Newell Completes Acquisition Of Jarden

Newell Rubbermaid’s acquisition of Jarden Corporation is now complete, and the company going forward will be known as Newell Brands.

First announced in mid-December, the deal creates a $16 billion global consumer goods company with a brand portfolio that touches a number of housewares categories. Among the housewares brands now under the Newell umbrella are Mr. Coffee, Crock-Pot, Sunbeam, Food Saver, Oster, Health o Meter, Calphalon, Rubbermaid and Yankee Candle, among others.

“The combination of our two great organizations creates a powerhouse consumer goods company and sets up a very exciting long-term growth and value creation story,” said Michael Polk, Newell Brands CEO. “Our immediate focus will be to deliver our 2016 financial objectives, start the work of integrating the two companies and develop the long term corporate and portfolio strategy that will guide the choices we make and the realization of the company’s full potential.”

As previously announced, several management changes became effective today as a result of completing the transaction. Newell Brands will be led by Michael Polk as CEO. Mark Tarchetti will serve as the president of Newell Brands. William Burke will serve as the president of Jarden Group. Joseph Arcuri and Richard Davies will continue to serve in their recently announced roles as chief commercial officer and chief development officer, respectively, of Newell Rubbermaid Group. Russell Torres, recently appointed chief transformation officer, will lead Newell Brands’ integration and transformation efforts. In addition, Bradford Turner has been appointed chief legal officer and corporate secretary of Newell Brands.

The agreement to combine with Jarden Corporation was announced on December 14, 2015, for per share consideration equal to $21 in cash and 0.862 of a share in Newell Brands stock. The closing of the transaction follows the approval of both companies’ stockholders in separate votes held earlier today and the receipt of required regulatory approvals in all applicable jurisdictions including the U.S., European Union, Canada and Mexico.