Newell Rubbermaid, a company that sounds more like a fetish doll manufacturer than a consumer brands company, has just purchased K2 and Ride Snowboard’s parent company Jarden today (December 14, 2015) in a deal worth more than $15 billion according to a story on Forbes.com.
The deal will create a combined firm with $16 billion in annual revenue, owning brands ranging from Sharpie, Paper Mate and Graco strollers to Coleman, Sunbeam, Oster and Marmot. . . . Jarden shareholders will receive $21 a share in cash and 0.862 shares of Newell Rubbermaid. Combining Jarden with Newell Rubbermaid will fund the deal with cash on hand and new debt, levering itself to 3.0 to 3.5 times, but maintaining investment grade credit ratings. The acquisition is forecast to immediately bolster Newell’s earnings per share by double digits when it closes, expected in mid-2016.
Those who love corporate snowboarding should take this as a cue to buy more K2 and Ride products as soon as possible. Maybe even for Christmas.
[Link: Forbes]
Classic, now ride and k2 bindings will come with a “stay fresh” lid. Somehow this dumpster fire deal actually makes Burton appear less lame?!
Investors for christmas- how lovely. Stoked for employees at K2 and Ride……..both brands have weathered serious storms.
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