The deal is said to be worth 15.4 billion US dollars to be paid partly in cash and in Newell Rubbermaid shares. The newly created combination will have sales of about 16 billion dollars.
The new alliance will be named Newell Brands. Jarden founders Martin Franklin and Ian Ashken will join Newell Brands’ board, while Jim Lillie, so far chief executive of Jarden, is likely to leave.
Most recently, the business unit Outdoor Solutions generated sales worth about 2.7 billion dollars and an operating profit of 276 billion dollars. The by far larger bulk of turnover at Jarden is made with household goods, though.
According to Newell, no major changes in brand portfolio are to be expected in the short-term, but the group will assess the performance of each business unit. This process will take, however, years rather than months, the management revealed.