Newell Brands said March 18 that it agreed to sell its process solutions business to One Rock Capital Partners LLC. Newell said after tax proceeds from the sale were anticipated to be $500 million. Process Solutions makes plastic, nylons, monofilament, and zinc products that aim to solve both industrial and consumer challenges.
HOBOKEN, N.J.–(BUSINESS WIRE)–Newell Brands (NASDAQ:NWL) today announced that it has signed a definitive agreement to sell its Process Solutions Business to One Rock Capital Partners, LLC, a private equity firm focused on control-stake equity investments in middle-market companies in North America.
Process Solutions, inclusive of Plastic Solutions, Lifoam, Consumer Table Top, Zinc Products and Applied Materials, manufactures custom-designed plastic, nylons, monofilament, and zinc products that solve both industrial and consumer challenges.
After-tax proceeds for the divestiture are anticipated to be $500 million, subject to customary working capital and transaction adjustments. In 2018, net sales for Process Solutions were approximately $640 million.
Credit Suisse Securities (USA) LLC acted as financial advisor to the company on the Process Solutions deal, which is expected to close in the second quarter of 2019, subject to customary closing conditions, including regulatory approval.
About Newell Brands
Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Marmot®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, and Yankee Candle®. For hundreds of millions of consumers, Newell Brands makes life better every day, where they live, learn, work and play.
This press release and additional information about Newell Brands are available on the company’s website, www.newellbrands.com.
About One Rock Capital Partners, LLC
One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and enhancing its profitability to enhance long-term value. For more information, visit www.onerockcapital.com.
This news release contains forward-looking information based on management’s current views and assumptions, including statements regarding the expected timing of the closing of the Process Solutions transaction. Actual results and events may differ materially from those described in the forward-looking statements above. Please refer to the cautionary statements set forth in the “Forward-Looking Statements” section and under the caption “Risk Factors” in Newell Brands’ Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter 2018 for other factors that could affect our business.