Newell Brands sells package manufacturing business
| 08 May, 2018
Newell Brands has signed a definitive agreement to sell The Waddington Group , its global consumer and commercial package manufacturing business, to Novolex Holdings, LLC , a leading provider of paper and plastic packaging products backed by The Carlyle Group .
The Waddington Group , based in Covington, KY , comprises a global brand portfolio including Eco-Products, the leader in the green packaging space; POLAR PAK® containers, serving ware, drink-ware and cutlery; WNA upscale disposable plastic products; and other industry-leading brands.
The sale is part of Newell Brands’ previously announced Accelerated Transformation strategy, designed to create a simpler, faster, stronger consumer-focused portfolio of leading brands. Gross proceeds from the divestiture are expected to be approximately $2.3 billion.
“We’re pleased with today’s announced sale of The Waddington Group to Novolex,” said Michael Polk , Newell Brands Chief Executive Officer. “This mutually beneficial deal allows the Waddington team to unlock its full potential under a new owner who is committed to the packaging category, and provides Newell Brands the opportunity to take an important first step forward in our Accelerated Transformation Plan.”