Newell Brands has announced that it is prepared to sell Pure Fishing as part of a plan to transform its business.
The US-based multinational marketer of consumer and commercial products made the announcement to investors at its First Quarter results presentation in New York this morning. The news will come as no shock to business analysts who widely predicted the sale which was exclusively reported in Angling International’s digital newsletter, Communiqué Online.
Newell Brands acquired Pure Fishing in April 2016 as part of its $15 billion takeover of the Jarden Corporation. Since then the future of the fishing company, which numbers many iconic brands within its portfolio, has been the subject of much conjecture.
The proposed sale of Pure Fishing is part of Newell Brands Accelerated Transformation Plan that will see it trimmed down to seven core consumer divisions.
Michael Polk, Newell Brands Chief Executive Officer, told investors that the divestiture process is ‘well under way’ and that he expected to complete all transactions by the end of 2019. Earlier in the day Newell Brands had announced the sale of the Waddington Group for $2.3 billion.
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