Newell closes $15 billion buyout of Jarden

ATLANTA — Newell Rubbermaid will pay US$15.4 billion in a cash and stock deal for consumer brands company Jarden. Newell expects to drive about $500 million in costs out of the system through the combined company, which will be called Newell Brands. Newell’s brands include Irwin, Paper Mate, Graco baby strollers, Parker and Waterman pens, and Calphalon pots and pans, as well as the Rubbermaid brand of plastic storage products. Jarden owns Sunbeam, Crock-Pot, as well as school-memorabilia company Jostens. Jarden founder and executive chairman Martin Franklin is expected to earn at least $130 million in the deal.