Pure Fishing to stay at Newell Brands confirms CEO
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Pure Fishing will be staying with Newell Brands, the group which took over its owner the Jarden Corporation earlier this year.
Following its $15.4 billion acquisition, Newell Brands revealed that it would jettison some companies within the Jarden Corporation, with many industry insiders believing that businesses in Outdoor Solutions – Pure Fishing’s division – were under most threat.
The group has now put the speculation to bed by revealing which brands have been put up for sale. As expected, the Outdoor Solutions division bore the brunt with its winter sports brands all being deemed surplus to requirements.
In all 10% of the former Jarden Corporation portfolio will go, representing businesses worth approximately $1.5 billion. Pure Fishing will be included in the newly created Outdoor & Recreation sector.
Newell Brands also announced that it will simplify its operations, consolidating its existing 32 business units to 16 operating divisions, including the creation of a new global e-Commerce Division.
The group’s CEO Mike Polk, who has previously described the Pure Fishing businesses as having ‘amazing potential’, said: “Newell Brands’ new strategic plan establishes a clear set of investment priorities, a new organisation design for the company and a sharp set of portfolio choices that will focus our resources on the businesses with the greatest potential for growth and value creation.
“We will drive growth through more effective and scaled commercial operations, increased investment in our brands and capabilities, and the delivery of bigger, better innovation across a broader set of categories.”
The sales processes are under way and the company hopes to complete the process within the first half of 2017