Newell to sell Waddington to Novolex for $2.3 billion, expands divestiture plan


Newell Brands Inc announced it would sell its plastics packaging unit Waddington Group for $2.3 billion, and added more brands to a divestiture plan aimed at streamlining its operations and cutting costs.

The sale of Waddington, which makes disposable cutlery and drinkware, is the first major divestiture after activist investors Starboard Value LP and Carl Icahn placed their nominees on the company’s board last month.

The transaction between Newell and US-based Novolex, which credits itself as the North American leader in packaging choice and sustainability, is expected to be completed by late July 2018. Headquartered in Covington, Kentucky, The Waddington Group is a manufacturer and marketer of packaging and disposables serving the foodservice and bakery.

Source: Reuters


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