Newell Brands Completes Divestiture of the Connected Home & Security Business

Rhea-AI Summary

Newell Brands Inc. (NASDAQ: NWL) has announced the completion of the sale of its Connected Home & Security business to Resideo Technologies, Inc. (NYSE: REZI) for a total of $593 million. This transaction is subject to standard working capital and transaction adjustments. The CH&S business, located in Aurora, Illinois, specializes in home safety products under well-known brands like BRK and First Alert.

Positive

• Sale of Connected Home & Security business for $593 million strengthens financial position.
• Focus on streamlined operations allows for potential reinvestment in core brands.

Negative

• Divestiture of CH&S may reduce revenue streams from home safety products.
• Potential job losses in Aurora, Illinois, affecting local economy.

ATLANTA--(BUSINESS WIRE)-- Newell Brands Inc. (NASDAQ: NWL) announced today that it has completed the sale of the Connected Home & Security business (CH&S) to Resideo Technologies, Inc. (NYSE: REZI) for a purchase price of $593 million, subject to customary working capital and transaction adjustments. The CH&S business, based in Aurora, Illinois, produces and distributes smoke and carbon monoxide combo alarms, fire suppressants, fireproof safes and other home safety products under the BRK and First Alert brands.

About Newell Brands

Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, EXPO, Elmer’s, Yankee Candle, Graco, NUK, Rubbermaid Commercial Products, Spontex, Coleman, Campingaz, Contigo, Oster, Sunbeam and Mr. Coffee. Newell Brands' beloved, planet friendly brands enhance and brighten consumers lives at home and outside by creating moments of joy, building confidence and providing peace of mind.

This press release and additional information about Newell Brands are available on the company’s website, www.newellbrands.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220331006015/en/

Investors:

Sofya Tsinis

VP, Investor Relations

+1 (201) 610-6901

sofya.tsinis@newellco.com

Media:

Beth Stellato

Chief Communications Officer

+1 (470) 580-1086

beth.stellato@newellco.com

Source: Newell Brands Inc.

FAQ

What did Newell Brands announce on the sale of its Connected Home & Security business?

Newell Brands announced the completion of the sale of its Connected Home & Security business to Resideo Technologies for $593 million.

How much did Newell Brands sell the Connected Home & Security business for?

Newell Brands sold the Connected Home & Security business for $593 million.

Which company acquired Newell Brands' Connected Home & Security business?

Resideo Technologies, Inc. acquired Newell Brands' Connected Home & Security business.

What are the implications of the sale for Newell Brands?

The sale strengthens Newell Brands' financial position but may impact revenue from home safety products.

Where is the Connected Home & Security business based?

The Connected Home & Security business is based in Aurora, Illinois.