Newell Brands to sell fire starter and fire log business to Royal Oak
11 April 2017
US consumer and commercial products company Newell Brands yesterday struck a deal to sell its fire starter and fire log business to Royal Oak Enterprises, a leading manufacturer of charcoal and grilling products.
Financial terms of the deal were not disclosed.
The deal also includes Newell Brands Diamond matches, fire starters, lighters, toothpicks, clothespins and clotheslines business.
Martin Franklin and Ian G. H. Ashken, members of Newell Brands' board, are affiliates of Royal Oak.
The New Jersey-based company said that it will retain Diamond branded plastic cutlery products.
The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions.
Founded in 1959 and based Georgia, Royal Oak manufactures and sells charcoal products. The company offers ridge briquets, instant light, natural lump, lighter fluid and wood, and other products.
With $16 billion in annual sales and more than 57,000 employees worldwide, Newell Brands is a global consumer goods company grown over the decades through 19 acquisitions.
In 1999, Newell Company acquired the Rubbermaid and Graco brand names in a megamerger deal worth $5.8 billion, and later renamed the combined firm Newell Rubbermaid.
Newell Company acquired Jarden for over $15 billion and renamed the combined company as Newell Brands.
Its brands include Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer's, Coleman, Jostens, Marmot, Rawlings, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert, Waddington and Yankee Candle.