Pure Fishing owner Jarden sold for $13 billion
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The owner of Pure Fishing has been sold in a deal that is said to be worth $13 billion.
The Jarden Corporation, which owns a host of iconic fishing tackle manufacturers, including Shakespeare, Mitchell, Abu Garcia and Hardy, has been acquired by Newell Rubbermaid, maker of a list of household names like Sharpie, Parker pens and Irwin tools.
The rumour of a takeover was reported on the Angling International website last week. It is the second time in eight years that Pure Fishing has been acquired. It was bought by Jarden in 2007.
Now the future of the world’s biggest fishing tackle manufacturer is back in the melting pot as it is unclear what the new owner’s plans for its world famous brands are. The acquisition is subject to approval by the shareholders of Newell Rubbermaid and Jarden Corporation as well as receipt of regulatory and other customary closing conditions. The transaction is expected to close in the second quarter of 2016.
Upon completion, Newell Rubbermaid CEO Michael Polk will become CEO of the new company, while Newell’s Chief Development Officer, Mark Tarchetti, will become President. Non-Executive Chairman Michael Cowhig will remain in that role. The new company will be known as Newell Brands. Martin Franklin, the Founder and Executive Chairman of Jarden, will join the board of the company.
“The combination of these two great companies creates a $16 billion consumer goods company with incredible potential to grow and create value,” said Polk. “The scale of our combined businesses in key categories, channels and geographies creates a much broader canvas on which to leverage our advantaged set of brand development and commercial capabilities for accelerated growth and margin expansion.”
“I want to congratulate Jim on his strong leadership of Jarden over the last 12 years and his work positioning the business for the opportunity ahead and I look forward to working with Martin and Ian as we drive the new Newell Brands towards its aspiration of becoming one of the preeminent consumer goods companies in the world.”
Franklin said: “I am delighted that we are to play a part in bringing together these two winning companies. The combination offers significant value for our shareholders and the opportunity to participate in the combined company’s long-term value creation potential as shareholders in Newell Brands. I’m extremely proud of Jarden’s success over the past 14 years, which has been driven by an extraordinary culture designed to perform at a high level. We have spent significant time with Newell Rubbermaid’s senior management team and are convinced they have a similar ambition and drive. I’m excited by the opportunities for this new combined organisation and I look forward to being part of this dynamic new chapter.”