Plastic totes maker Newell Rubbermaid announced it was buying consumer and sporting goods maker Jarden in a cash and stock deal worth about $13.2 billion.
The deal brings together two companies with numerous familiar consumer brands under one roof, creating a single entity to be known as Newell Brands.
Started in 1903, Newell Rubbermaid has grown over the years through repeated acquisitions, and now owns such familiar brands as Lenox tools, Graco baby strollers, Papermate pens and Calphalon cookware.
Newell Rubbermaid, meanwhile, was formed when the company bought Rubbermaid Inc. for about $6 billion in 1999. Newell and Jarden are looking to use the company’s new heft to attack markets such as baby products and kitchenware. The business will have annual adjusted earnings before interest, taxes, deprecation and amortization of more than $3 billion once the cost savings are realized, according to the statement.
