Atlanta-based consumer products giant Newell Rubbermaid is buying Jarden Corp, the maker of Crock-Pot, Coleman and Mr. Coffee, for $13.2 billion.
The deal, announced Monday, would create a company named Newell Brands with revenue of $16 billion that offers everything from Sharpie markers to Graco baby products to Krazy glue.
Jarden shareholders will receive $21 in cash and 0.862 of a share in Newell Rubbermaid stock at closing for each share of Jarden stock, Newell Rubbermaid said. Newell Rubbermaid shareholders will own approximately 55 percent of the company after the transaction is complete.
“The combination of these two great companies creates a $16 billion consumer goods company with incredible potential to grow and create value,” Newell Rubbermaid President and Chief Executive Officer Michael B. Polk said in a statement.
Polk will become CEO of Newell Brands under the agreement. Mark Tarchetti, Newell Rubbermaid’s chief development officer, Newell Rubbermaid, will become Newell Brands president.
Said Martin E. Franklin, executive chairman and founder of Jarden, “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.”
Both companies have been on buying streaks over the past several years.
In October, Newell announced plans to buy Elmer’s and Krazy glue from investment firm Berwind Corp. for about $600 million. A year ago, the company bought stroller maker Baby Jogger for $210 million.
Boca Raton, Fla.-based Jarden, formed in 2001, reached a deal in October to buy high school ring maker Jostens for $1.5 billion and in July agreed to buy plastic cup, plate and utensil maker Waddington Group for $1.35 billion.
The deal comes as Newell Rubbermaid has said it plans to move its Sandy Springs headquarters to a Peachtree Dunwoody Road building that is half the size of its current home, which also is in the north Fulton County city.
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