The scaled enterprise is expected to accelerate profitable growth with leading brands that compete in a global market that exceeds $100 billion, with business and capability development supported by the efficiencies of this transformational combination.
In a statement released on Dec. 14, Michael B. Polk, Newell Rubbermaid President and CEO stated, "The combination of these two great companies creates a $16-billion consumer goods company with incredible potential to grow and create value. The scale of our combined businesses in key categories, channels and geographies creates a much broader canvas on which to leverage our advantaged set of brand development and commercial capabilities for accelerated growth and margin expansion.
"I have long respected the value creation track record and entrepreneurial vision of Jarden's founder, Martin E. Franklin, co-founder Ian G.H. Asken and their team led by CEO James E. Lillie," Polk added. "I want to congratulate Jim on his strong leadership of Jarden over the last 12 years and his work positioning the business for the opportunity ahead, and I look forward to working with Martin and Ian as we drive the new Newell Brands toward its aspiration of becoming one of the preeminent consumer goods companies in the world."
Martin E. Franklin, Executive Chairman and founder of Jarden, said, "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. I'm extremely proud of Jarden's success over the past 14 years, which has been driven by an extraordinary culture designed to perform at a high level.
"We have spent significant time with Newell Rubbermaid's senior management team and are convinced they have a similar ambition and drive. I'm excited by the opportunities for this new combined organization and I look forward to being part of this dynamic new chapter."
Mark Tarchetti, currently Chief Development Officer, Newell Rubbermaid, will become President of Newell Brands upon completion of the transaction, with an initial focus on leading integration of the companies, including synergy delivery, portfolio strategy and long-term business development such as accelerated market deployment of the brands at home and internationally. He will also be responsible for the creation of a number of enterprise-wide capabilities including design, innovation, insights, e-commerce, and direct-to-consumer commerce.
Bill Burke, currently COO, Newell Rubbermaid, will lead the legacy Jarden business upon completion of the transaction, working closely with Richard Sansone, Jarden's Executive Vice President of Operations, and the senior leadership teams across the Jarden businesses to deliver the current business plans while working with Tarchetti to ensure the seamless transition of Jarden into Newell Brands, said the release.
Jarden Corp. is a diversified, global consumer products company with a portolio of more than 120 brands. Jarden's record of strong financial performance and organic growth is supported by a focused operating culture coupled with value-enhancing acquisitions and shareholder-focused capital allocation. Jarden operates in three primary business segments through a number of well-recognized brands.
Headquartered in Miami, FL, Jarden ranks 348th on the Fortune 500 and has over 35,000 employees worldwide. The acquisition is subject to approval by shareholders of both Newell Rubbermaid and Jarden Corp., receipt of regulatory approvals and other customary closing conditions. The transaction is expected to close in the second quarter of 2016, according to the joint release.
Headquartered in Atlanta, Newell Rubbermaid Inc. is an S&P 500 company and global marketer of consumer and commercial products with 2014 sales of $5.7 billion.