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Pure Fishing still in dark over sale progress

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Newell Brands has agreed to the sale of Pure Fishing to private equity group, Sycamore Partners.

Newell Brands – the owner of Pure Fishing – provided no update on the sale of the business at this morning’s presentation of its Third Quarter results other than to confirm the process is ongoing..

The divestment of the angling arm from its vast operation – deemed surplus to requirements – is believed to be imminent, but Newell’s President and Chief Executive, Michael Polk gave no further information as to how the sale negotiations are progressing.

There was also no mention as to the financial performance of Pure Fishing during the period.

However, he did reveal that the group recorded an $8.1 billion non-cash impairment charge from continuing operations primarily associated with the intangible assets in certain acquired businesses in each of its reporting segments.

As a result, Newell reported an operating loss of $7.9 billion, compared with operating income of $141 million in the previous year.

Polk said that its Accelerated Transformation Plan, which includes the sale of Pure Fishing, has made ‘substantial progress’ in achieving improved operational performance and divesting non-core businesses.

Newell has already sold three – The Waddington Group, Rawlings Sporting Goods Company and Goody Products – for $2.6 billion after tax.

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