Newell Rubbermaid plans to buy the maker of Elmer’s glue and other products for about $600 million.
At the same time, the Atlanta-based consumer products giant also said it will sell two other brands in its stable, Levolor and Kirsch window-coverings brands. Levolor and Kirsch are expected to account for sales of $310 million.
Elmer’s is owned by Berwind Corp., an investment firm. Sales are estimated at $240 million.
The purchase will give Newell “cross-selling and distribution synergies,” CEO Michael Polk said in a statement. “The addition of Elmer’s adds even more firepower and long term potential to our building growth acceleration and margin development story.”
Elmer’s Products Inc. also includes Krazy Glue and X-Acto cutting tools. Newell Rubbermaid plans to add the company to its writing-products segment, which includes Sharpie and Paper-Mate among other brands.
Newell Rubbermaid last year had sales of $5.7 billion and officials said the deals won’t affect this year’s financial results. The company has told analysts that it expects to finish 2015 with growth of 4 to 5 percent and earnings per share between $2.14 and $2.20.
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