Newell to sell Process Solutions unit to One Rock

Monday, 18. March 2019 16:02

Newell Brands Inc. will sell its Processing Solutions business, which manufactures custom-designed plastic, nylons, monofilament, and zinc products, to private equity firm One Rock Capital Partners LLC, the company's board announced on Monday.

The sale of Processing Solutions, made up of Plastic Solutions, Lifoam, Consumer Table Top, Zinc Products and Applied Materials, is predicted to bring the American consumer goods company $500 million. It is expected to close in the second quarter of 2019 and is subject to regulatory approval.

The news comes just days after the company's CEO Michael Polk said he will retire at the same time as the sale is expected to be completed.

Newell's shares were up 3.53% following the announcement.

Related Links: Newell Brands Inc.
Author:
Breaking the News / MD