Newell Brands Sells Package Manufacturing Business

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.

Source: http://office-times.com/News/11316/newell_brands_sells_package_manufacturing_business