Holding company Newell Brands will put up Volkl, Marker and K2 for sale as part of a growth strategy to sell 10 percent of parent company Newell's portfolio, the home goods behemoth announced Tuesday.
Newell Rubbermaid officially merged with Jarden Corporation in a $15 billion deal in April.
A press release issued Tuesday said that Newell would convert itself from a holding company to an operating company, and that the brands on the market had sales worth about $1.5 billion in 2015.
Marmot and Coleman will not be sold off, according to Joe Flannery, general manager of Marmot, who said that Marmot is part of the company’s go-forward strategy. Golden, Colo.-based Coleman will be moving to Chicago, Flannery said.
Newell’s strategic plan establishes “a sharp set of portfolio choices that will focus on our resources on the businesses with the greatest potential for growth and value creation,” Michael Polk, Newell’s CEO, said in the press release. “We will drive growth acceleration over time through more effective and scaled commercial operations, increased investment in our brands and capability, and the delivery of bigger, better innovation across a broader set of categories.”
Newell hopes to sell the brands on the market within the first half of 2017, and to use the proceeds to accelerate debt repayment. Newell forecasts at least $500 million in cost synergies by the end of 2018.