Newell Brands

Last updated

Newell Brands Inc.
Formerly
    • Newell Company
      (1903–1999)
    • Newell Rubbermaid
      (1999–2016)
Type Public
Industry Consumer goods
Founded1903;120 years ago (1903)
Ogdensburg, New York, U.S.
FounderEdgar Newell
Headquarters
Atlanta, Georgia
,
U.S.
Area served
Worldwide
Key people
Patrick D. Campbell
(Chairman)
Chris Peterson (CEO) [1]
Products
Brands
List
RevenueIncrease2.svg US$14.74 billion (2017) [2]
Increase2.svgUS$1.052 billion [2]
Increase2.svgUS$527.8 million [2]
Total assets Decrease2.svgUS$33.898 billion [2]
Owner Icahn Capital (10%) 2021 proxy statement
Number of employees
31,000 (2021) [3]
Divisions Newell Custom Writing
Website newellbrands.com

Newell Brands is an American manufacturer, marketer and distributor of consumer and commercial products. The company's brands and products include Rubbermaid storage and trash containers; home organization and reusable container products; Contigo and Bubba water bottles; Coleman outdoor products; writing instruments (Berol, Expo Markers, PaperMate, Dymo, Mr. Sketch, Parker Pens, Sharpie, Reynolds, Prismacolor, Rotring, X-acto, Waterman) glue (Elmer's, Krazy Glue); children's products (Aprica, NUK, Tigex, Babysun, Baby Jogger and Graco); cookware and small appliances (Calphalon, Sunbeam, Rival, Crock-Pot; Holmes, FoodSaver, Oster, Osterizer, and Mr. Coffee) and fragrance products (Yankee Candle, Chesapeake Bay Candle, Millefiori Milano, and WoodWick).

Contents

The company's global headquarters is in Atlanta. [4]

History

Newell Company

First Newell logo Newell logo from the 1900s.jpg
First Newell logo

The Newell Manufacturing Company was founded by Edgar Newell in Ogdensburg, New York, in 1903 as a manufacturer of metal curtain rods. [5] [6]

The F. W. Woolworth retail chain became the first customer for Newell's bronze–plated curtain rods in 1916, making them the first Newell products to be distributed nationally. This marked the beginning of Newell's mass merchandising strategy. As the business grew, the company built a new 15,000-square-foot facility in Ogdensburg, New York.

The company purchased Barnwell Mfg. Co. of Freeport, Illinois in 1921, renaming it Western Newell Manufacturing Company. Freeport's access to railroad lines facilitated shipping products west. Kresge, the department store chain (later Kmart) was one of Western Newell's larger accounts.[ citation needed ]

Daniel C. Ferguson was named president in 1965 and developed a growth-by-acquisition strategy, intending to build a strong, multi-product company.

The Newell Company went public in 1972, opening on the NASDAQ at $28 per share. In 1974, they acquired EZ Paintr Corporation, then the world's largest maker of paint applicators. Newell was listed on the New York Stock Exchange with the ticker symbol NWL in 1979. [7] In 1979, Newell moved into its first corporate headquarters in a historic former bank building in Freeport, Illinois.

In 1983, the company entered the cookware market with the purchase of Mirro. In 1987, the company acquired Anchor Hocking Corporation, a specialty manufacturer of glassware, flatware, cookware and other products. The deal included the purchase of Amerock, a maker of cabinet hardware and window components. [8]

In 1992, they acquired Sanford, a manufacturer and marketer of writing instruments, including the Sharpie and Expo brands. A year later, they acquired Levolor, a manufacturer and marketer of window treatments. They also entered the beauty and style category by acquiring Goody hair care accessories, [9] including Ace men's grooming accessories.They also acquired Stuart Hall a Kansas City stationary company which they held until 1998. [10] [11]

In 1997, Newell acquired Cooper Industries' Kirsch, a company specializing in drapery hardware, and custom window coverings. [12] In 1998, the company expanded in cookware with the purchase of Calphalon Corporation, [13] a manufacturer of cookware marketed primarily to upscale retailers and department stores. The company also purchased Panex, a cookware maker in South America.

In 2016, Newell moved its corporate headquarters from Atlanta to Hoboken, New Jersey. In 2019 it returned to Atlanta. [14]

Criticism

Newell Rubbermaid has been criticized in the UK for closing British factories, including those of Parker Pen, and relocating them to Nantes, France, and China. [15] Similarly, they've been criticized for their handling of Toolmakers Berol, Record and Marples. [16]

Newell Sistema products has been criticized for requiring workers in their Auckland, New Zealand factory to work in unsafe conditions during the COVID-19 outbreak and lock down without adequate distances between workers and proper personal protective equipment. After a WorkSafe NZ visit, workers were told they would not have to go to work and would be on full pay for the 4 week lock down. [17]

Mergers

Rubbermaid

Newell Rubbermaid logo used from 1999 to 2016 Newell Rubbermaid logo.svg
Newell Rubbermaid logo used from 1999 to 2016

In 1999, Newell acquired the Rubbermaid and Graco brand names in a megamerger worth $5.8 billion, and later renamed the combined firm Newell Rubbermaid. This was an acquisition ten times larger than the last biggest acquisition Newell had made, nearly doubled the company's size, and significantly increased Newell's portfolio of brands.[ citation needed ]

In 2003, the merger was dubbed the "merger from hell" by Businessweek magazine. [18] Newell shareholders lost 50% of their value in the two years following the closing and Rubbermaid shareholders lost 35%. In 2002, Newell wrote off $500 million in goodwill.[ citation needed ]

Other mergers

In 2000, Newell Rubbermaid acquired Gillette's stationery products business, including the Paper Mate, Parker, Waterman and Liquid Paper brands.

In 2002, they acquired American Tool Companies, adding the Irwin, Vise-Grip, and Marathon brands to their portfolio.

In 2003, Newell Rubbermaid acquired American Saw and Manufacturing Company, a manufacturer of linear-edge power tool accessories, hand tools, and band saw blades marketed under the Lenox brand.

In 2005, the company acquired DYMO, designing, manufacturing, and marketing on-demand labeling solutions. The company expanded its presence in this market with the 2006 purchases of CardScan business card scanners and Mimio interactive whiteboard products along with the 2007 acquisition of postage company Endicia and its Picture-it-Postage brand. In 2005, Mark Ketchum was named president and CEO. The company added the slogan of "Brands That Matter" to their logo to emphasize the change.[ citation needed ]

In February 2008, Newell Rubbermaid acquired Aprica Kassai, a Japanese maker of strollers, car seats, and other children's products and Technical Concepts, in the away-from-home restroom[ clarification needed ] market. The company created a global headquarters in the Atlanta metropolitan area to consolidate numerous brands and functions under one roof. In July 2011, Michael B. Polk joined the company as president and CEO. [19]

On July 21, 2014, Newell Rubbermaid announced a $308 million acquisition of Ignite Holdings, a Chicago-based maker of reusable water bottles and thermal mugs. [20] Ignite sold its products under two brand names: Avex and Contigo, also acquiring Ignite's proprietary closing mechanism, Autoseal. [21]

On October 5, 2015, Newell Rubbermaid announced that it would acquire Elmer's Products, the makers of Elmer's glue, Krazy Glue, and X-Acto, among other brands, for $600 million. The company also announced plans to divest its window covering brands Levolor and Kirsch. [22]

On December 14, 2015, Newell Rubbermaid announced that it would acquire Jarden for over $15 billion of cash and stock. The combined company would be known as Newell Brands, and 55% would be owned by Newell's shareholders. The combined company would have estimated annual sales of $16 billion. [23] [24]

Divestitures

In 2014 Newell Rubbermaid sold Ashland Hardware Systems, Bulldog and Shurline.

In 2017, Newell sold K2 Sports, Völkl, Diamond Match Company, Levolor and Kirsch.

In January 2018, Newell announced that it would sell off several businesses, mostly former Jarden units, in a refocusing effort. [25] In May 2018, Newell sold Waddington to Novolex. [26] In June 2018, Newell sold Rawlings to Seidler Equity Partners. [27] In August 2018, Newell sold Goody to ACON Investments. [28] In November 2018, Newell sold its Pure Fishing line of business to Sycamore Partners for $1.3 billion and Jostens to Platinum Equity for $1.3 billion. [29]

In June 2019, Newell Brands announced the sale of the United States Playing Card Company to Belgian card manufacturer Cartamundi Group. [30] [31]

Brands

Newell's brands include the following. [32]

Outdoor & Recreation

Writing (stationery)

Former brands

Notes
  1. ↑ As of 2022, the Sunbeam brand is focused almost entirely on health and thermal pain relief products, as well as clothes irons. [33]
  2. ↑ sold to Cartamundi in 2019.
  3. ↑ sold to ACON Investments, LLC. in 2018.
  4. ↑ Newell Brands tool brands were sold to Stanley Black & Decker in 2016 for $1.95 billion.
  5. ↑ sold to MGA Entertainment in 2006.

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<span class="mw-page-title-main">Graco (baby products)</span>

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References

  1. ↑ Terlep, Sharon (February 10, 2023). "Newell Brands Slashes Profit Targets, Changes CEOs". Wall Street Journal. Retrieved June 2, 2023.
  2. 1 2 3 4 "Newell Brands (NWL) Stock Price, Financials and News" . Retrieved December 22, 2018.
  3. ↑ "Who We Are".
  4. ↑ "Form 8K". SEC.gov. US SECURITIES AND EXCHANGE COMMISSION. May 23, 2023. Retrieved June 2, 2023.
  5. ↑ Deutsch, Claudia (March 20, 2004). "After Buying Rubbermaid, a Deluge of Sorts". New York Times. p. C1. Retrieved June 7, 2023. Newell, which started as a manufacturer of curtain rods in 1902
  6. ↑ "Newell Rubbermaid Inc. - Company Profile, Information, Business Description, History, Background Information on Newell Rubbermaid Inc". GABlind.com. GA Blind Company. Retrieved June 7, 2023.
  7. ↑ "Three New Listings Set by Big Board This Week". Wall Street Journal. June 25, 1979. p. 37. Newell Cos. starts trading Thursday with the symbol NWL
  8. ↑ Gary, Alex (August 15, 2013). "Newell Rubbermaid sells Amerock". Rockford Register Star. USA TODAY Network. Retrieved June 7, 2023. The Aldeens owned the company until 1966 when they sold it to Stanley Works for $32 million. Stanley sold it to Anchor-Hocking in 1975 and then Anchor-Hocking sold it to Newell in 1987.
  9. ↑ "Newell to Buy Goody for $24.75 a Share or About $165 Million". Wall Street Journal. Dow Jones Corp. June 15, 1993. p. B4. Newell continued its growth-through-acquisition strategy
  10. ↑ "COMPANY NEWS: PEN-TAB HOLDINGS TO BUY NEWELL'S STUART HALL UNIT". New York Times. June 26, 1998. p. D3. Retrieved June 7, 2023.
  11. ↑ Storch, Charles (April 9, 1992). "Newell plans to add Stuart Hall to Stable". The Chicago Tribune. Retrieved June 7, 2023.
  12. ↑ "NEWELL TO BUY COOPER'S DRAPERY DIVISION". New York Times. Bloomberg News. January 31, 1997. p. D3. Retrieved June 8, 2023. Kirsch, based in Sturgis, Mich., makes drapery rods and window shades and blinds.
  13. ↑ "Newell to Buy Calphalon". April 1, 1998. p. B14.
  14. ↑ Trubey, J. Scott (August 2, 2019). "Sharpie and Calphalon parent Newell Brands moving back to Atlanta area". The Atlanta Journal-Constitution. Retrieved June 2, 2023.
  15. ↑ Fischier, Tony (June 4, 2009). "A rendezvous with History A visit to the legendary Parker Archives". parkerpens.net. Parker Pens Archives. Retrieved October 14, 2017.
  16. ↑ Duke, Te (March 28, 2013). "Vanished Tool Makers: William Marples & Sons, Sheffield, England". Progress is fine, but it's gone on for too long. Retrieved October 14, 2017.
  17. ↑ Foxcroft, Debrin. "Coronavirus: Walkout works as Sistema workers get time off". Stuff. Stuff. Retrieved March 27, 2020.
  18. ↑ "Newell Rubbermaid: Why It'll Bounce Back". Business Week. October 19, 2003. Archived from the original on October 13, 2014. Retrieved July 22, 2014.
  19. ↑ Kass, Arielle (June 24, 2011). "Newell Rubbermaid names new CEO". Atlanta Journal-Constitution. Retrieved October 24, 2013.
  20. ↑ Ng, Serena (July 21, 2014). "Newell Rubbermaid to Buy Maker of Reusable Water Bottles" . Retrieved July 21, 2014.
  21. ↑ Elahi, @aminamania, Amina. "Newell Rubbermaid to acquire Chicago water bottle maker Ignite for $308 million". chicagotribune.com. Retrieved August 18, 2020.
  22. ↑ "Newell Rubbermaid to Buy Maker of Elmer's Glue for $600 Million". Wall Street Journal. Retrieved October 5, 2015.
  23. ↑ "Newell Rubbermaid to Acquire Jarden for $15.4 Billion". Bloomberg. Retrieved December 14, 2015.
  24. ↑ "Newell Rubbermaid to Buy Jarden for Over $15 Billion". The Wall Street Journal. Retrieved December 14, 2015.
  25. ↑ Sheetz, Lauren Hirsch, Michael (January 25, 2018). "Newell Brands stock craters 20%, unveils plans to sell off assets". CNBC . Retrieved November 25, 2018.
  26. ↑ "Newell Brands Announces Agreement to Sell The Waddington Group to Novolex". Archived from the original on November 26, 2018. Retrieved November 25, 2018.
  27. ↑ "Newell Brands Announces Agreement to Sell Rawlings Sporting Goods Company, Inc. to Seidler Equity Partners" . Retrieved November 25, 2018.
  28. ↑ "Newell Brands Declares Dividend on Common Stock and Announces Agreement to Sell Goody Products, Inc. to ACON Investments". Archived from the original on November 26, 2018. Retrieved November 25, 2018.
  29. ↑ "Newell Brands Completes Divestitures of Pure Fishing and Jostens" . Retrieved November 25, 2018.
  30. ↑ "Newell Brands Announces Agreement to Sell The United States Playing Card Company to Cartamundi Group". Newell Brands. June 4, 2019. Retrieved June 5, 2019.
  31. ↑ "Cartamundi to acquire The United States Playing Card Company". Cartamundi. June 4, 2019. Retrieved June 5, 2019.
  32. ↑ "Our Brands".
  33. ↑ "Sunbeam Home Home".
  34. 1 2 "Newell - Healthy Canning". Healthy Canning. Retrieved April 1, 2018.
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