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Sharpie-maker Newell to sell 10 pct of business
October 4, 2016 / 12:32 PM / a year ago

Sharpie-maker Newell to sell 10 pct of business

Oct 4 (Reuters) - Newell Brands Inc, the maker of Sharpie pens and Rubbermaid food containers, said it would sell about 10 percent of its business portfolio which had sales of about $1.5 billion last year.

The company also said it would simplify its operating structures by consolidating its 32 business units to 16, including the creation of a new global online business.

The company said it was sharpening its strategic focus following its $15.4 billion acquisition of the maker of Yankee Candle and Crock-Pot cookware, Jarden Corp, in April, which added about 120 brands to Newell’s portfolio.

Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Martina D'Couto

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