HOBOKEN, NJ — Newell Brands Inc. recently announced continued progress with its ongoing effort to simplify and strengthen its portfolio, sharpening the company’s strategic focus for accelerated growth.
The company has entered into a definitive agreement to sell its Rubbermaid consumer storage totes business to United Solutions, a supplier of plastic products for the home and office. In conjunction with the sale, the parties will enter into a five-year licensing agreement for use of the Rubbermaid brand name. Financial terms of the agreement were not disclosed and are not material. The Rubbermaid consumer storage business represents approximately $70 million in annual sales.
In October 2016, the company entered into a definitive agreement to sell its Tools business, including the Irwin, Lenox and Hilmor brands, to Stanley Black & Decker for $1.95 billion.