Newell reached a deal to sell Pure Fishing to private-equity firm Sycamore Partners, the company said Wednesday. Newell expects about $1.3 billion in proceeds from the sale of Pure Fishing, which had net sales of about $556 million in 2017.
The Wall Street Journal reported in September that Pure Fishing, which sells tackle, rods and reels under several brands such as Berkley and Abu Garcia, was on the market to be sold for around $1 billion, citing people familiar with the matter.
Newell expects about $1.3 billion in proceeds from the sale of Jostens, which had net sales of $768 million in 2017, to Platinum Equity. Jostens’s products include yearbooks, publications, class rings and other consumer goods.
Both transactions are expected to close in the fourth quarter, according to Newell, whose brands include Rubbermaid, Graco and Mr. Coffee.
Shares in Newell rose nearly 1% in recent trading Wednesday.
The Hoboken, N.J., company has repeatedly missed sales goals since it closed a $15 billion deal to buy Jarden Corp. in 2016. The much larger company was supposed to have enough clout to squeeze rivals, dominate store shelves and move quickly into online sales.
More: https://www.wsj.com/articles/newell-to- ... 1541601006
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