Jarden Corp. founder Martin Franklin is selling the company he used for the last 15 years to scoop up dozens of well-known household brands—and stands to collect a $500 million windfall.
Jarden on Monday said it would merge with Newell Rubbermaid Inc. in a $15.4 billion deal, combining names like Newell’s Sharpie markers and Baby Jogger strollers, and Jarden’s Rawlings baseball gloves and Mr. Coffee machines.
Newell will pay the equivalent of $60 for each Jarden share using a combination of cash and stock, representing a roughly 24% premium to where Jarden was trading before The Wall Street Journal reported the companies were in deal talks.
Mr. Franklin, the Boca Raton, Fla., company’s founder and executive chairman, said Jarden is being acquired because it is the smaller of the two companies.
“If we were larger…we would be doing the same deal and be the buyer,” Mr. Franklin said in a joint interview with Newell Chief Executive Michael Polk. While Jarden generated more revenue than its deal partner, Newell Rubbermaid had a higher market capitalization.
Shareholders of Atlanta-based Newell Rubbermaid will end up with 55% of the combined company, which will be named Newell Brands, with $16 billion in annual revenue. Mr. Polk will lead the merged entity.
By Serena Ng and Mark Maremont
Source: Wall Street Journal
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.