HOBOKEN, N.J. (AP) — Newell Brands is selling its disposable cups and cutlery business to Novolex Holdings as it simplifies and refocuses the goals of the massive consumer products company.
Newell Brands Inc., whose brands include Sharpie, Calphalon and Rubbermaid, said Friday that it anticipates about $2.2 billion in proceeds from the deal, after taxes. Newell, based in Hoboken, New Jersey, has been shedding some of its operations. It bought fellow consumer products company Jarden for about $13 billion two years ago, but since then it's fallen short on sales projections and lost billions in market value.
The Covington, Kentucky based-unit that is being sold, The Waddington Group, includes Eco-Products, Polar Pak containers, WNA upscale disposable plastic products and other brands.
The deal is expected to close in about two months.