The F. W. Woolworthretail chain became the first customer for Newell's bronze–plated curtain rods in 1916, making them the first Newell products to be distributed nationally. This marked the beginning of Newell's mass merchandising strategy. As the business grew, the company built a new 15,000-square-foot facility in Ogdensburg, New York.
The company purchased Barnwell Mfg. Co. of Freeport, Illinois in 1921, renaming it Western Newell Manufacturing Company. Freeport's access to railroad lines facilitated shipping products west. Kresge, the department store chain (later Kmart) was one of Western Newell's larger accounts.[citation needed]
Daniel C. Ferguson was named president in 1965 and developed a growth-by-acquisition strategy, intending to build a strong, multi-product company.
The Newell Company went public in 1972, opening on the NASDAQ at $28 per share. In 1974, they acquired EZ Paintr Corporation, then the world's largest maker of paintapplicators. Newell was listed on the New York Stock Exchange with the ticker symbol NWL in 1979.[7] In 1979, Newell moved into its first corporate headquarters in a historic former bank building in Freeport, Illinois.
In 1983, the company entered the cookware market with the purchase of Mirro. In 1987, the company acquired Anchor Hocking Corporation, a specialty manufacturer of glassware, flatware, cookware and other products. The deal included the purchase of Amerock, a maker of cabinet hardware and window components.[8]
In 1992, they acquired Sanford, a manufacturer and marketer of writing instruments, including the Sharpie and Expo brands. A year later, they acquired Levolor, a manufacturer and marketer of window treatments. They also entered the beauty and style category by acquiring Goody hair care accessories,[9] including Ace men's grooming accessories.They also acquired Stuart Hall a Kansas City stationary company which they held until 1998.[10][11]
In 1997, Newell acquired Cooper Industries' Kirsch, a company specializing in drapery hardware, and custom window coverings.[12] In 1998, the company expanded in cookware with the purchase of Calphalon Corporation,[13] a manufacturer of cookware marketed primarily to upscale retailers and department stores. The company also purchased Panex, a cookware maker in South America.
In 2016, Newell moved its corporate headquarters from Atlanta to Hoboken, New Jersey. In 2019 it returned to Atlanta.[14]
Criticism
Newell Rubbermaid has been criticized in the UK for closing British factories, including those of Parker Pen, and relocating them to Nantes, France, and China.[15] Similarly, they have been criticized for their handling of Toolmakers Berol, Record and Marples.[16]
Newell Sistema products has been criticized for requiring workers in their Auckland, New Zealand, factory to work in unsafe conditions during the COVID-19 outbreak and lock down without adequate distances between workers and proper personal protective equipment. After a WorkSafe NZ visit, workers were told they would not have to go to work and would be on full pay for the four week lock down.[17]
Mergers
Rubbermaid
Newell Rubbermaid logo used from 1999 to 2016
In 1999, Newell acquired the Rubbermaid and Graco brand names in a megamerger worth $5.8 billion, and later renamed the combined firm Newell Rubbermaid. This was an acquisition ten times larger than the last biggest acquisition Newell had made, nearly doubled the company's size, and significantly increased Newell's portfolio of brands.[citation needed]
In 2003, the merger was dubbed the "merger from hell" by Businessweek magazine.[18] Newell shareholders lost 50% of their value in the two years following the closing and Rubbermaid shareholders lost 35%. In 2002, Newell wrote off $500 million in goodwill.[citation needed]
In 2003, Newell Rubbermaid acquired American Saw and Manufacturing Company, a manufacturer of linear-edge power tool accessories, hand tools, and band saw blades marketed under the Lenox brand.
In 2005, the company acquired DYMO, designing, manufacturing, and marketing on-demand labeling solutions. The company expanded its presence in this market with the 2006 purchases of CardScan business card scanners and Mimio interactivewhiteboard products along with the 2007 acquisition of postage company Endicia and its Picture-it-Postage brand. In 2005, Mark Ketchum was named president and CEO. The company added the slogan of "Brands That Matter" to their logo to emphasize the change.[citation needed]
In February 2008, Newell Rubbermaid acquired Aprica Kassai, a Japanese maker of strollers, car seats, and other children's products and Technical Concepts, in the away-from-home restroom[clarification needed] market. The company created a global headquarters in the Atlanta metropolitan area to consolidate numerous brands and functions under one roof. In July 2011, Michael B. Polk joined the company as president and CEO.[19]
On July 21, 2014, Newell Rubbermaid announced a $308 million acquisition of Ignite Holdings, a Chicago-based maker of reusable water bottles and thermal mugs.[20] Ignite sold its products under two brand names: Avex and Contigo, also acquiring Ignite's proprietary closing mechanism, Autoseal.[21]
On October 5, 2015, Newell Rubbermaid announced that it would acquire Elmer's Products, the makers of Elmer's glue, Krazy Glue, and X-Acto, among other brands, for $600 million. The company also announced plans to divest its window covering brands Levolor and Kirsch.[22]
On December 14, 2015, Newell Rubbermaid announced that it would acquire Jarden for over $15 billion of cash and stock. The combined company would be known as Newell Brands, and 55% would be owned by Newell's shareholders. The combined company would have estimated annual sales of $16 billion.[23][24]
Divestitures
In 2014 Newell Rubbermaid sold Ashland Hardware Systems, Bulldog and Shurline.
In January 2018, Newell announced that it would sell off several businesses, mostly former Jarden units, in a refocusing effort.[25] In May 2018, Newell sold Waddington to Novolex.[26] In June 2018, Newell sold Rawlings to Seidler Equity Partners.[27] In August 2018, Newell sold Goody to ACON Investments.[28] In November 2018, Newell sold its Pure Fishing line of business to Sycamore Partners for $1.3 billion and Jostens to Platinum Equity for $1.3 billion.[29]
^"Form 8K". SEC.gov. US SECURITIES AND EXCHANGE COMMISSION. May 23, 2023. Retrieved June 2, 2023.
^Deutsch, Claudia (March 20, 2004). "After Buying Rubbermaid, a Deluge of Sorts". New York Times. p. C1. Retrieved June 7, 2023. Newell, which started as a manufacturer of curtain rods in 1902
^"Three New Listings Set by Big Board This Week". Wall Street Journal. June 25, 1979. p. 37. Newell Cos. starts trading Thursday with the symbol NWL
^Gary, Alex (August 15, 2013). "Newell Rubbermaid sells Amerock". Rockford Register Star. USA TODAY Network. Retrieved June 7, 2023. The Aldeens owned the company until 1966 when they sold it to Stanley Works for $32 million. Stanley sold it to Anchor-Hocking in 1975 and then Anchor-Hocking sold it to Newell in 1987.
^"Newell to Buy Goody for $24.75 a Share or About $165 Million". Wall Street Journal. Dow Jones Corp. June 15, 1993. p. B4. Newell continued its growth-through-acquisition strategy
^"NEWELL TO BUY COOPER'S DRAPERY DIVISION". New York Times. Bloomberg News. January 31, 1997. p. D3. Retrieved June 8, 2023. Kirsch, based in Sturgis, Mich., makes drapery rods and window shades and blinds.
US$8.13 billion (2023)
