Newell Brands is an American consumer and commercial products manufacturer. The company is best known for its Rubbermaid storage products, Coleman outdoor products, and Sharpies. They also own Paper Mate, Prismacolor, Uniball, and Graco. On September 7, 2017, Newell Brands (NYSE: NWL) announced it had entered into a definitive agreement to acquire Chesapeake Bay Candle from its founders.
As a part of the agreement, Newell will pay the founders $75 million. Chesapeake Bay Candle is based in Rockville, Maryland and primarily develops and manufactures premium candles and home fragrance products with a focus on consumer wellness and natural fragrance. The fast-growing business reports annual net sales of roughly $55 million.
The acquisition will be reported as a portion of Newell’s Live segment. The company expects the transition to close sometime during the fourth quarter of 2017.