NEW YORK (AP) — Newell Brands Inc. will sell 10 percent of its business, including its outdoor segment and consumer storage unit as part of a consolidation move.
The move to sell businesses with annual sales of about $15 billion comes a year after the company bought Jarden Corp. for about $13 billion and Elmer's for $600 million.
Newell said the consolidation move will transform it from a holding company to an operating company with a new set of investment priorities and a sharpened portfolio. It will consolidate its existing 32 business units to 16 operating divisions.
The units being sold include the majority of the tools segment, the winter sports businesses within the outdoor solutions segment, the heaters, humidifiers, and fans businesses within the consumer solutions segment, and the consumer storage container business within the home solutions segment.
The company said it hopes to complete the sales within the first half of 2017.
Newell Brands shares rose 16 cents to $52.41 in morning trading Tuesday.