June 5, 2018 / 12:12 PM / a year ago

Newell to sell Rawlings Sporting Goods for $395 million

(Reuters) - Consumer products maker Newell Brands Inc NWL.N said on Tuesday it would sell its Rawlings Sporting Goods brand to Seidler Equity Partners for about $395 million, as part of a plan to raise about $10 billion through divestitures.

Newell, which sells everything from Sharpie pens to Crock-Pot cookware, in May sold its plastics packaging unit Waddington Group for $2.3 billion.

The company had raised the divestiture target from $6 billion following an agreement with activist investor Carl Icahn.

In April, Icahn and fellow activist investor Starboard Value LP placed their nominees on the company’s board.

Newell said on Tuesday it expects the sale to result in after-tax proceeds of about $340 million, which the company will use to pay down debt and repurchase shares.

Morgan Stanley was the financial advisor to Newell Brands on the deal, while Bank of America Merrill Lynch advised Seidler Equity.

Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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